Why Should We Promote Entrepreneurship?
Entrepreneurship is an enterprise developed by an entrepreneur using his own creativity and ideas. It doesn’t follow the old concepts of traditional businesses already going on in the world. The term “entrepreneur” is derived from the French word ‘enterprendre’ which means ‘to undertake’. As the word suggests, an entrepreneur is a person who is willing to undertake risks.
The role of entrepreneurship is crucial in the current economy. A major share of wealth and profit comes from these innovative ideas. Compared to the large-scale business sectors, the entrepreneurs have more freedom to develop their skills without the fear of ruining their reputation. The two steps considered to be pivotal in the establishment of an entrepreneurship are – idea generation and feasibility study. There are many aspects of an entrepreneurship due to which it is seen as an inevitable part of the progressive economy.
Supports Innovative Ideas
Entrepreneurship is the only sector where people are free to express their thoughts and ideas. Entrepreneurs do not have to worry about breaking the rules of any system as they themselves function as a separate system. They are basically the risk bearers in our economy.
Minimum Investment With Maximum Profit
An entrepreneurship is a process through which people develop new strategies of marketing their products with the already available resources. Thus the cost of investment will be very low compared to other large-scale and small-scale industries prevalent in the country. Moreover, entrepreneurs develop new products keeping in mind about the current requirements of the consumers. Hence, once the clients get convinced about the quality of the product, maximum profit can be attained from their ventures.
More Job Opportunities
The yet another advantage of promoting entrepreneurship is the increase in the job opportunities. It helps all the unskilled employees achieve proper training in the different areas of work. Many large-scale enterprises receive the skilled laborers from these establishments.
Enhances Your Managerial Skills
This is by far the most helpful sector in enhancing your leadership and decision making skills. By creating your own space in the economy, you become the only person responsible for your achievements and mistakes. You can analyze, rectify and enhance the level of your work. By employing new people in your venture you learn the methods to manage and lead them efficiently so as to attain better results.
Provides Opportunity To The Minority Section Of The Community
People alienated from the society have no better chance to develop their skills. Regardless of the status of a person in the community, he/she can start an entrepreneurship without seeking the help of others. The quality and responsibility exhibited by a person are the only deciding criteria on their survival in our economy. It also helps to boost their self-confidence.
Better Standard of Living
As the economic growth progresses, the standard of living also improves. An increase in the profit provides better salaries to the employees by which they can raise their status and wealth in the society. In short, it helps to change the entire face of the community.
Impact of Failure on the Economy
Compared to the loss faced by our economy on the failure of a large-scale business, the impact of the failure of an entrepreneurship is very less. When big business ventures fail, a large number of people lose their jobs. But this does not happen in the case of an entrepreneurship. When an entrepreneur fails to succeed, it would just be seen as the failure to execute a low investment idea or strategy.
Means of Community Development
Along with the high standards of living, entrepreneurship also contributes towards the development of a better community. Well-known entrepreneurs like Steve Jobs and Bill Gates, provide funds to the local charities and other educational institutions. This encourages the other entrepreneurs to follow their paths.
It is, hence, necessary to promote and motivate entrepreneurship in the country. Nowadays, a major share of wealth in the economy is contributed by such small-scale businesses. But it is important to note that all small-scale businesses cannot be considered as entrepreneurship. To be an entrepreneur, a person has to utilize his innovative ideas to develop new products.
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Though the entrepreneurs are supported widely, they also face hurdles in the form of political instability, market conditions, judiciary system, etc. A smooth political and judiciary system is necessary to maintain an entrepreneurship without any complications. Proper planning and implementation of new ideas and techniques followed by the entrepreneurs can thus help to replace the obsolete practices which are still being followed by the giant business ventures.