Importance of Entrepreneurship

Entrepreneurship plays an important role to an individual, to an economy, society and larger firms.

Here we discuss how effectively, an entrepreneur change the life of an individuals, change the society, change the economy level with different channels and create competition and challenge for larger and big companies.

Importance To An Individual

New Opportunities To Individuals

Entrepreneurship creates many opportunities to an individual. He / she thinks big and creates something new that is unique and acts on these business ideas suitable to their skills. He can produce new products and services for viable business. For example, he / she writes books and sell it on Amazon, eBay or sell directly from their website or supply to the marketplace. An Entrepreneur can provide beauty and health care center, provide SEO Services, Instructor facilities and so on. He used updated and new techniques to buy and sell the products.

Create Job Opportunities

Entrepreneurship creates many job opportunities to new fresh people enter the world of business. An individual can apply for the job in a well renowned business suitable to its qualifications and education.

He / she can also start his / her own business after gaining knowledge and experience. At start, newbie may be unable to go for entrepreneurship due to either lack of knowledge or sources of finance. But due to Online business, it has now become very easy to start the business online because of no or cost of establishing the business. An example is blogging and freelancing platforms where skills, passions and knowledge are required to start his / her business successfully.

Importance To Society

Due to Entrepreneurship, new and updated products and services are introduced to the society and this thing makes life easier and convenient. People can easily shop online at home. New innovative Android and IOS, Cell Phones, IPAD, IPOD and other devices have changed the life completely. Entrepreneurship at Internet provides many online earnings opportunities to everyone who has access to personal computer or laptop and having internet facilities.

New and updated quality, designs, packaging, tastes affects consumer behaviors and entrepreneurs try their best to provide cheaper products at reasonable price to consumers. The whole society gets benefit from the contribution and efforts made by the larger number of different entrepreneurs towards the society.

Importance To An Economy

Due to Entrepreneurship, new and innovative products and services are created and hence the whole economy will get benefit from it. The latest technologies are better than old one so better results are obtained.

Entrepreneurs recognize the opportunities and utilize it according to needs and demands of customers. For Example, latest technology in IT world changes the working performance of the daily business life. Now, computer and laptops are used to effectively and instantly communicate with the suppliers, customers and other competitors. Instead of sending Post, now entrepreneur can send E-mail if this source of medium is required.

Importance To Larger Firms

Due to the existence of larger firms, there is healthy competition and co-operation among them. For Example, if an entrepreneur is new to the market, then he / she can compete with its competitors effectively by making SWOT Analysis. In this way, he / she creates healthy competition among them. Because, they also try to adopt new techniques and ways to maintain the quality of products and retains its potential customers.

Similarly, if an entrepreneur doing Online Business, then he / she may contact other entrepreneurs like he / she may need web developer, graphic designer, article writer to co-operate with him / her to perform the activities of the business. Eventhough, the business is run by web site owner, but still he / she may not be good or not have enough time to perform the tasks of web developer, graphic designer or article writing activities. Some companies manufacture repair and spare parts. Many larger companies can not provide finished products to customers, they need to buy original parts from good manufacturing entrepreneurial firms and then they make the final finished products for selling to end users.

So, no one can ignore the importance of Entrepreneurs in society, in the competition market, in the economy and in the life of an individual.