The progress made in the fields of science and technology has made a characteristic for the 21st Century. Fascinating discoveries, revolutionary inventions, and rapid globalization have been the major highlight of the start of this era. But along the sidelines was also developing the powerful concept of entrepreneurship, risk-taking and building businesses.
This powerful concept, even though mentioned in the books on business and management, really caught on with the rise of the internet and since then spread like a raging fire. In this article, I discuss the importance of entrepreneurship and how it impacts us as professionals, citizens of a country and as humans on this planet in general.
Following are some of the benefits of entrepreneurship; these advantages of entrepreneurship become a great precursor in understanding its importance and impact.
The theories of entrepreneurship suggest that job creation and entrepreneurship go hand-in-hand. That is true, and you do not need rocket science information to understand. Entrepreneurs take risks to earn a profit by providing value to customers; this process cannot take place without the help and aid of a team of professionals.
An entrepreneur needs people around him to take care of the tasks that hinder his vision of thinking and allow him space to worry about the more important aspects of the business including further entrepreneurial opportunities. This requires employees and the need for employees are what you can call, from the perspective of the job seeker, as job opportunities.
Entrepreneurs tend to be problem solvers (this tendency is usually what gets them to become entrepreneurs in the first place!). This skill is a gift, but in some cases, it can be learned too; especially from experience. However, the art of problem-solving instills a need to search for problems that might need solving. This attitude of hunting problems gets the mind thinking and pondering for a solution.
This intrigue to solve puzzles, problems and glitches give birth to numerous innovations and inventions. It leads to the discovery of new methods of doing things, not thought of before.
This requires not just talented individuals but process-oriented business models too. This is one of the true entrepreneurial opportunities in that it allows constant change, unlike the historical business models where the status quo was never challengeable.
One of the major contributions of entrepreneurship to modern economics and science is its ability to push massive amounts of money into the rapid and sometimes disruptive improvement of products and services. This aspect brings the importance of entrepreneurship into the limelight even though it is partially related to the previous point.
All the latest developments like IoT (Internet of Things), Voice Search, Space travel, Pollution free cars, etc. are only a result of some really brave entrepreneurs who put loads of investment into research.
This was only thought of and to see that such large-scale projects are undertaken without the help of governments is a surprise but thanks to entrepreneurship it has become a simply acceptable norm.
Nowadays, the culture of making entrepreneurial opportunities and business decisions encourages speed over perfection (most of the time). This change in mindset allows businesses to remain flexible to quick change instead of being too receptive. This has increased productivity to a great extent as it allows fast implementation of possible improvements and keeps track of progress through modern software.
Entrepreneurs make sure efficiency keeps improving; they are ready to introduce new equipment, training inefficient employees or firing them if they are unresponsive, try the latest procedures, etc.
Such an approach creates a supercharged workforce, a fast-paced environment where efficiency and productivity are never compromised. This has a dramatic impact on the economic growth of a country.
Countries supportive of entrepreneurs, new businesses and risk-takers have a better chance of improving standards of living. These countries recognize the widespread advantages of entrepreneurship. This is achieved in two distinct ways; one is the more direct impact while the other is a subtle improvement which goes unnoticed in the short term but is clearly visible in the long run.
The first way in which entrepreneurship contributes to a higher standard of living is by directly affecting the consumer lives by arming them with the latest technology and equipment which makes their domestic lives a thousand times easier and saves them some precious time. Just think about it, the latest cars, phones, programs, software and domestic appliances, etc. directly help in improving the personal lives of individuals.
At a more collective level, the impact is more subtle but felt after study of economic trends over a period. Entrepreneurship means an economic activity which contributes to the enhancement of the economy as a whole which means people’s incomes increase, their ability to spend and save increase.
This is a long-term characteristic of the importance of entrepreneurship as it is something which has a wide-scale impact and helps positively molding the social structure, which brings us to our next point.
There are various macro advantages of entrepreneurship, and one of the well-recognized is its influence on society and its development. Entrepreneurship takes place on some levels. It is often seen that smaller business filled with lots of entrepreneurial vigor pick on problems that are directly harming the community such as sanitation issues, clean water, and even deforestation. Businesses which contribute to society while bringing in good profit and jobs is another fruit from the tree of entrepreneurship.
It stabilizes, progresses and expands the potential of a community. It has been seen in recent years how businesses solved the problems of a community, whether it be recreational, about sanitation, electricity or even religious.
Entrepreneurial societies make it sure that the doors to it are open to all without discrimination of race, gender or religion. Entrepreneurs are looked upon around the world as highly determined people who rise above all odds in society; even against the staunchest of opposition.
This rapid idolization of entrepreneurs around the globe due to their achievements has given people from minorities increased confidence that they too can capitalize on entrepreneurial opportunities and make amends through hard work, self-awareness, intellectual ability and constant struggle. This is one of the bigger advantages of entrepreneurship.
The most important of all reasons why entrepreneurship is much needed is its ability to produce more entrepreneurs for the challenges of the future. The people around the world are chasing entrepreneurs on the internet, stalking them to learn from them and implement their best strategies in their businesses.
This trend of mentorship and quick access to priceless information is encouraging entrepreneurs from all corners of the globe to pursue their dreams and learn from the mistakes of their predecessors. The whole world is starting to become a practical nurturing ground for aspiring adventurists trying to hit the big stage with their intriguing and intricate ideas. This development fills the future with lots of hope and optimism. This point, in itself, is the pinnacle of ‘the importance of entrepreneurship.’
Finally few words, I would like to say those who try to undermine the importance of entrepreneurial opportunities and the advantages of entrepreneurship in any way are far from reality and its pursuit has only added positive energy around the world. People every day are benefiting from creative, inspiring entrepreneurs and will continue to do so for the future.
People who are quick to adapt to this changing environment, those who are brave enough to accept this reality as is, are the ones who will succeed in the future.
The doors of entrepreneurship are just opening, and I believe there is a lot of room inside for lots of ambitious individuals like yourself for. Now, once you are done with the reading, let me tell entrepreneurship is all about doing, it’s about pragmatism and not just perfecting the theory. So act, enjoy, learn and inspire others to do the same.