10 Importance of Entrepreneurship

Entrepreneurship is an essential and important part of economic development. Economic growth is a reflection of the economy. Entrepreneurship is the practice of creating new, innovative ways to make people's lives easier. It also helps in establishing a profitable business for the public.

Importance of entrepreneurship:

Employment opportunities

The creation of new products and services has a huge potential to provide employment to the unemployed. This ultimately results in the acceleration of economic growth. Therefore, the public encouraging and supporting entrepreneurship should be considered important for economic development.

Free market development

In today's time the importance of entrepreneurship in a free market is very essential as they help the market to change its prices, ideas and goods as per the choice of the consumer. For example: entrepreneur gets opportunity in many ways like starting a platform for live study, starting home delivery, online marketing, online booking etc….

Without the entrepreneur and their innovative skills, the market would be slow and stagnant and still people would follow the old trends.

Promote research and development

Entrepreneurship is the core of innovation. Entrepreneurship is often tested by experimenting with ideas for goods and services. Entrepreneurship will provide funding for research and development for universities and institutions to use. They promote research and development in the economy.

Experimenting on goods and services through universities will reveal which idea is better and which will attract people. And thus it becomes very easy for entrepreneurship to know how much goods they have to produce and also for the public to know more about new products.

Entrepreneurship can fuel social change

Entrepreneurs act as the foundation for all businesses and enterprises. These entrepreneurs can change or break the tradition or culture of the society and reduce the reliance on absolute methods, systems and technologies. These will ultimately bring changes in the society.

Changes like better lifestyle, liberal thinking, better morale, adopting new technologies, producing new goods, setting up new industrial enterprises, creating new employment opportunities and creating new and progressive environment etc…

Social changes gradually affect national and global changes. Therefore, the importance of social entrepreneurship has to be appreciated.

Result of business failure

Generally, if a large industry collapses, the industry suffers almost irreversible damage to the state and the state of the economy and the development of the financial condition of the individuals concerned. And unemployment will also increase.

Officers lost their jobs. Suppliers and financial institutions are facing recovery woes. Customers will face loss of goods, lack of services, and government losses, taxes. If entrepreneurship fails, the above things should not happen.

These would have no measurable effect on the economy and no political impact either.

Increase in standard of living

Standard of living is a concept that is built upon the increase in the quantity of different types of goods and services perceived by a family in a particular period. So, it depends on the availability of different products in the market.

Entrepreneurship provides a variety of products through its innovations. In addition, it enhances the income of those who are employees in entrepreneurial enterprises. By raising the standard of living, entrepreneurs help in taking the society towards progress.

Establishment of new industrial enterprises

Business and industrial entrepreneurs don't feel struggle only in setting up enterprises, but they set up new enterprises, make the country self-reliant, people will get jobs because no one will be unemployed, the country's economy will grow. , explore new ideas and new innovations in the form of trail and error method.

For example: in india, tata birla, dalmia, singhania, bajaj and ambani are among the many entrepreneurs who have set up various ventures one after the other to develop the national economy.

Contribute to the growth and expansion of existing enterprises

Entrepreneurship plays a vital role in innovation, growth and expansion of business.

Entrepreneurs are able to increase the number of products produced by their existing enterprises, modernize the existing production process, produce new goods, develop their markets, increase customers, place the products and business in an attractive way for customers, train employees. Make regular efforts. In engaging with customers in a convincing manner or in an engaging manner, such as keeping the products in need in that season,

Example: if it is rainy season, attractive and new umbrellas have to be put in order to increase more income and customers.

Impact on community development

A community does better if its employment base is divided among several small entrepreneurial firms. It promotes abundant retail facilities, high levels of homeownership, fewer slums, better sanitation standards and higher expenditure on education, entertainment and religious activities.

Thus, entrepreneurship leads to greater sustainability and higher quality of community life. Some famous entrepreneurs like mark zuckerberg, bill gates, elon musk have used their money to improve the standard of living, proper health care and education system of the people.

These qualities of an entrepreneur inspire or influence other entrepreneurs to take it forward.

Digitization of business operations

Learn Digital Marketing Because technology develops so rapidly, a business product or service may become obsolete due to the penetration of new technology. An entrepreneur is responsible for constantly updating the technology that they use in their business process or activities.

Entrepreneurial roles in relation to technology include

Dispose of equipment that is not improving profitability.

Organizing training for employees to help them familiarize themselves with the latest technical programmers in the market to improve efficiency.

Using the most popular and recent marketing method and idea will help you reach your goal.

In short, supporting and promoting entrepreneurship can have a positive impact on a country's economy and even existing business, and social entrepreneurship opens up the possibility of finding innovative solutions to the social challenges facing communities around the world. Increases. The role and importance of entrepreneurship in the economic field varies with development from time to time depending on the availability of resources, climate of industries and how responsive the political system is. Entrepreneurs have contributed more in favorable conditions than in nations with unfavorable opportunity conditions. It is clear that entrepreneurship acts as a catalyst in the development of the country's economy.