Entrepreneurs of economic growth. Another way that an

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are individuals that founds and run a small business considering all the risks
and rewards of the venture rather than working as an employee. They are
commonly seen as an innovator, a source of new ideas, goods services and
business or procedures. Entrepreneurs play a important responsibility in any
economy. These are the individuals who possess the skills and initiative
necessary to foresee current and future needs and bring good new ideas to

So how do entrepreneurs contribute to the economic
development of a country? First off, entrepreneurs have to invest in products
and services people need. To keep up with the world’s economy they have to
invest. They generate new businesses in response to unmet needs and demands in
the market. This creates a chance to provide a product or service that is not currently
in existence or otherwise available. What an entrepreneur contributes will
affect the economic progress. Any entrepreneur will invest in products and
services which the people need. Upon his or her investment will in turn ensure
a better life for the people. More goods and services will be at their
disposal. Every decision a company makes is an investment and leaders can
further distinguish these investments into two categories which are asset and
business. For example, entrepreneurs can invest in capital which has the
ability to increase labor productivity. This in turn provides job opportunity
for the people. Superior capital equipment directly makes individuals,
businesses and countries more productively efficient. Increased productive
efficiency leads to increased standards of living hence serve the purpose of
economic growth.

Another way that an entrepreneur could contribute to
the economy is by employment. An entrepreneur by setting up various businesses
and establishment is generating employment in the economy. To keep surviving,
people need to be employed. This is a major contribution that an employer can
make to supply income to an employee who can meet his or her needs. For
example, new businesses need to hire employees. Entrepreneurs create jobs and
these economic opportunities uplift and support communities through increasing
the quality of life and overall standard of living.

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Besides that, the 21st century provides new
technologies which promote efficiency. The ability to turn ideas into new
products and services that people need is the core of prosperity for any
developed country. Generally, economic growth is driven by the creation of new
technologies and their creative applications. Periods of rapid innovation
historically have been accompanied by periods of strong economic growth. The
stimulus of innovation is the greatest is the greatest natural resource of all
which is the human mind. Creating innovative products and solutions requires an
educated population and an environment where collaborative work can take place.
In addition to being good for business, education increases workforce creativity
and quality of life.

Usually, when an entrepreneur starts to innovate,
there is also a competition. In essence, there is a positive feedback loop
among innovation, entrepreneurship and economic development. New and growing
businesses represent the principal sources of job creation and innovative activity
in an economy, two factors that generally result in the rising standards of
living for all. However, it is important to understand that entrepreneurship
and innovation are dependent on access and participation. For entrepreneurs to
bring new ideas to life, they need access to education and a level-playing
field on which to compete. Therefore, the role of government leaders and public
policy is to create conditions that allow more entrepreneurs to start
businesses by implementing policies which nurture that environment so those
businesses can grow. Economic growth suffers when entrepreneurial activity is unevenly
spread socio-economically, demographically and geographically. Under the right
conditions, entrepreneurs have an incredible by helping regional areas to
prosper economically and they also serve society as they help engineer
innovative solutions to problems and challenges. Innovation is and will
continue to be crucial when it comes to addressing the enormous environmental
challenges we face today such as combating climate change, lowering global
greenhouse gas emissions and preserving biodiversity in the environment.
Without power for extended periods of time, commerce comes to a halt. Without
water, we cannot live. Reliable access to these innovations such as irrigation
technology, electricity and urban infrastructure increases productivity and
enhances economic development.

Therefore, the diverse contribution by entrepreneurs
in the development of the economy can encourage the rapid growth of the
marketing world that is constantly changing our lives. As a result,
entrepreneurs have to play an important role in a market as they are seen as
agents of change. While the change is economically based, the implications are
far reaching, affecting other aspects of society such as social, cultural and
political. That is why the entrepreneur is willing to take the responsibility
and taking business risk to create and expand their business in order to
explore more opportunities.

Entrepreneurs are seen as beginners and they also
assume the role of a manager. Entrepreneurs have to observe the four factors of
production which are entrepreneur, land, labor and capital to enhance the
development of the economy. They are formed to lead their own business and to
cultivate and offer new ideas for economic growth and individually prosper.
Moreover, entrepreneurs have to be good in planning and strategically manage to
make a decision and always strive to excel in their businesses. Therefore,
failure can be avoided which could pose a threat to an entrepreneur.

In a scenario, a social entrepreneur is motivated to
improve and transform social, educational, environmental and economic
conditions. Social entrepreneurs are for social improvement and not for the
sake of money. They present their ideas that are user friendly and ethical
which applies innovative solutions to support them in order to expand the large
number of people to tackle their ideas. The challenges and success of effective
social entrepreneurs include the failure and lack of status acceptance. It is
important to drive an emotional desire to the social and economic conditions
and not only by the desire for profit. They seek for the best solutions to
resolve the problems that they face.


Categories: Entrepreneurship


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