Entrepreneurship

Importance Of Entrepreneurship: Types, Features & Benefits

importance of entrepreneurship

Entrepreneurship is one of the most important aspects of society, as it helps in developing products and services in the economy by turning a new concept. Entrepreneurs have a better understanding of the market forces in play, and they understand how to find an existing need in society and turn it into a profit-earning opportunity. Let’s understand the importance of enterpreneurship in details.

In this article, you will learn about entrepreneurship and its importance in society and the economy. Here, we shall discuss every important feature of entrepreneurship and how they benefit an economy as a whole. Then, we will discuss each of these major characteristics of entrepreneurship for better understanding. Hence, to find out more, read on through to the end of the article.

What Is Entrepreneurship?

What Is Entrepreneurship

According to a definition in Investopedia,

An entrepreneur is an individual who starts and runs a business with limited resources and planning and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.

One of the most important things of an entrepreneur is the capability to deal with risks. Entrepreneurs have the capability to risk their careers and financial security to build a venture. They even do not shy out from spending time and capital on something uncertain.

Furthermore, entrepreneurs know how to make the best arrangement for necessary capital, resources, raw material, locations, and human resources. Furthermore, successful entrepreneurs also have the capability of making strong networks and focusing on sales and marketing techniques to make their ventures strong.

What Is The Importance Of Entrepreneurship?

What Is The Importance Of Entrepreneurship

If you want to understand the importance of entrepreneurship, you will need to understand what an entrepreneur does in society. The term entrepreneur comes from the French word ‘entreprendre’, which means ‘to undertake.’ 

An entrepreneur is an individual who undertakes or plans for every risk and responsibility that accompany new businesses that are created to make profits. The following are some of the major factors that make entrepreneurship important:

1. Creating Better Job Opportunities

The major importance of entrepreneurship in the economy lies in job creation for the people. Entrepreneurs that start new businesses mostly have the opportunity to work for themselves while they provide support to other businesses and grow their own businesses accordingly.

By starting new businesses, entrepreneurs earn profits for themselves and employ others in the business as well. This is how entrepreneurship helps in creating new job opportunities at all levels of society.

2. Reduction Of Socio-Economic Problems

As entrepreneurs start new businesses, they help to promote new industries, which in turn, helps to create employment in society. Entrepreneurship involves better utilization of resources and offering products and services at competitive costs. 

With the help of all these factors, entrepreneurs help to reduce social problems like poverty. Job creation helps to eradicate crime, violence, lower-level living standards, child labor, etc. Entrepreneurship also helps to provide equal opportunities to all sections of society when it comes to work.

3. Creating New Businesses

Creating New Businesses

According to Indeed.com,

The entrepreneurs can run the vast majority of these enterprises entirely by themselves. They assemble and coordinate their operational processes that support other business ventures. It is a sector in which a person might start a business idea that could grow into a large corporation.

Basically, entrepreneurs, in general, are people that own businesses individually. They start small in the market but have the capability to find out opportunities faster and deliver accordingly. In all economies, entrepreneurship involves a diverse range of initiatives through which businesses are created.

4. Helps In Wealth Creation

The primary role of an entrepreneur is to create and accumulate capital by making profits. As entrepreneurs generate more wealth and pay their taxes, they contribute to the national economy of the country. This helps in adding to the Gross Domestic Product of the economy. 

In addition to that, entrepreneurs not only invest their own capital but also draws them from the market. Then they use these capital resources to bring new solutions in the form of products and services to create new markets. These factors help a lot in the growth of the economy.

5. Brings A Culture Of Innovation

By bringing in various resources, ideas, and human resources, entrepreneurs bring in a culture of innovation. This positively affects not only the business or an established form but also government agencies. With this process, they either generate new wealth-creating resources or enhance the existing resources’ potential to create more revenue.

With the help of such a process, entrepreneurs create new product lines and improve the quality of products with new innovative techniques, ideas, and technologies. This, in turn, helps in creating life better for all.

6. Helps To Harness Resources Better

The major factors of production are land, labor, capital, and entrepreneurship. Without these four factors of production, no entrepreneurial activity can be put into place. The fourth one is important since it helps in putting the first three into effect.

The major aspect of entrepreneurship is to make resources work better and produce better results which would otherwise not be possible. Entrepreneurs know how to use the right amount of resources at the right place at the right time to produce effective results, which is good for the business. This helps the economy too.

7. Eliminates Poverty With Community Development

According to an article in Borgen Magazine,

Instead of giving clothes to children in impoverished communities, employment created through entrepreneurship allows parents to buy clothes for their children themselves. Instead of short-term healthcare initiatives that provide healthcare for a few months at a time, employment allows members of the community to provide healthcare all year round.”

Entrepreneurship also promotes industries and creates employment in society. Thus, better income and savings in the economy help in better capital formation and eases living standards.

Bottom Line

Hope this article was helpful for you to get an idea of the importance of entrepreneurship. You can see that there are various roles played by entrepreneurs which help in eliminating many social and economic problems. 

The best thing an entrepreneur can do is find market opportunities and provide solutions. This helps in creating more economic capital and jobs. How do you think entrepreneurs help the economy? Share your views in the comments section below.

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Soumava Goswami

Inspired by The Social Network, Soumava loves to find ways to make small businesses successful – he spends most of his time analyzing case studies of successful small businesses. With 5+ years of experience in flourishing with a small MarTech company, he knows countless tricks that work in favor of small businesses. His keen interest in finance is what fuels his passion for giving the best advice for small business operations. He loves to invest his time familiarizing himself with the latest business trends and brainstorming ways to apply them. From handling customer feedback to making the right business decisions, you’ll find all the answers with him!

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You will become successful in blogging if you are – Updating content regularly.  Optimizing your website for relevant traffic.  Coupling your content writing effort with successful social media marketing.  When you are taking care of all these, you can come up with different ways of monetizing your blog. How do entrepreneurs make money? An entrepreneur like Mashum Mollah would suggest you – Become an affiliate. Sell advertising space.  Starting a subscription business after getting a significant number of followers. Create a course or webinar people want to sign up for.  Offer Content Writing Services A content writing service provider helps with creating blog posts, articles, press releases, and more. Even a freelance content writer doing it on a large scale can become an entrepreneur. In today's time, there is a high demand for good-quality content.  So, if you are well-versed in content creation, you can make a career out of it. You have to set up your profile on a freelancing platform, and according to your expertise and skills, you can even charge your clients $50 per hour. Read More: Entrepreneurship Skills – Types, Importance & Examples Bottom Line Aside from the option mentioned, you can also offer personal loans, utilize previous assets, and provide property rentals to make money. You can create an entrepreneur with the right knowledge, insight, and passion for something out of the box. If you were looking for suggestions, this article should provide valuable insight.  Please let us know about your feedback on this article. Thank you for reading. Read Also: What Is a Franchise, And How Does It Work? – Examples, Benefits & More What Is A Venture Capitalist, And What Are Their Functions? Private Equity Vs. Venture Capital: Key Differences