The skill to build and run a profitable business is entrepreneurship. It is related to risk-taking and coming up with new ideas to contribute to the country’s economy. An entrepreneur has the ability and vision to generate ideas for a business and create a new marketplace. Over the years, entrepreneurs such as Walt Disney, Bill Gates, and Charles Field Marsham have helped the economy and contributed towards its development. Therefore, they make up an important part of our history, present, and future. Given below are the reasons why they are important to society.
What Are The Qualities Needed To Be An Entrepreneur?
Entrepreneurs dwell on finding solutions to long-standing problems of society and finding new ways to perform different tasks. This leads to the innovation of new technology and services. Most entrepreneurs, such as Charles Field Marsham utilize the resources to the full extent and create an efficient product that will pave the way to a better future.
- Employment Generation
From engineers to laborers to lawyers, entrepreneurs need staff to expand their businesses and find new opportunities. This results in the demand for working personnel and thus contributes to the economy by generating employment. This is why the government supports entrepreneurship and offers loans at low interest rates.
- Increases Standard of Living
With high-paying jobs and continuous innovation, life becomes easy, and that is how entrepreneurs increase the standard of living. The economy starts to grow, and utilities become more accessible. Soon enough, leisure and fun become a priority, and life feels relaxing.
- Social Development
Successful entrepreneurs earn millions and some even billions. A number of them are aligned towards philanthropic works to provide food, health, shelter, education, etc., to the less fortunate. Bill Gates has donated $36 billion through his foundation. Similarly, most of the entrepreneurs are contributing to building a society in which no one has to struggle due to a lack of resources.
- Promotes Research
Entrepreneurship is synonymous with innovation, and innovation is a result of thorough research. Thus, entrepreneurs promote research to come up with new technology and plan to transform society. Moreover, most entrepreneurs heavily invested in research and own research divisions for their companies. An increase in research boosts the rate of technological development.
- Invest in Other Entrepreneurs
Entrepreneurs are always supportive of others. Whenever they see an opportunity for a venture that may bloom in the future, they invest in it. Not just with money, but also offer them resources and guidance. Sometimes, they even allow the ventures to grow in-house. This is their way of ensuring innovation and maximizing personal gains.
Entrepreneurship is the driving force of development and innovation. They have a knack for identifying opportunities and presenting solutions to the problems of the community. A huge percentage of entrepreneurs are philanthropists donating billions towards the less fortunate for food, medical, and educational necessities. Therefore, they help society as a whole.