Entrepreneurs are the backbone of modern
economy as this is the key contributor to innovativeness, development of product
and reduction of unemployment. Entrepreneurs starts a business to earn profit
on new found chances and opportunities, can go a long way to stabilize the
economy of a country and to generate great returns to the government. Entrepreneurs can affect the country’s economy in various ways. An
economy is much depends on the performance level of its entrepreneur. A developing economy is required to be brought out
of the vicious circle of low income and poverty. Entrepreneur can break this
vicious circle. Entrepreneurs and government can change a developing economy in
Entrepreneurs contribution to the
economic development of a country.
Entrepreneurs invest their own resources and attract fund from
investors, lenders and the public. This deploy public wealth and allows people
to obtain advantage from the successful entrepreneurs and expanding their
businesses. This kind of pooled fund that results in wealth creation and
distribution is one of the common imperatives and goals of economic.
By nature and definition, they are job creators, as opposed
to job seekers. For an example, when one become an entrepreneur, there is one
less job seeker in the economy and then one can provide employment for multiple
other job seekers. This kind of job creation by fresh and existing businesses
is again is one of the common goals of economic development. They promote a lot
of job opportunities and helps in increasing the standards to an international
Entrepreneurs aids in increasing the standard of living of public
in a country is yet another key goal of economic development. They don’t only promote
job opportunities, but also by develop and adopt innovations that lead to upgrade
in the quality of life of their employees, customers, and other stakeholders in
the country. As an example, automation that reduces production costs and helps
fasten the production will make a business unit more productive, while also
providing its customers with the same products at lower prices.
Community development requires infrastructure for hospital and
education, training and other public services. For example, you need more educated
and skilled workers in a community to attract new businesses. If there are educational
institutions, technical training schools and internship opportunities, that
will aid to build the pool of educated and skilled workers.
setting up new businesses and industrial units help with regional development
by locating in less developed and backward areas. The growth of industries and
business in these areas leads to infrastructure upgrades like better roads and
rail track, airports, stable electricity and water supply, schools, healthcare centres,
shopping complex and other public and private services that would not otherwise
also promote social change. Through their uniqueness offerings of new product
and services, entrepreneurs break away from tradition and indirectly support
freedom by reducing dependence on obsolete systems and technologies. For
example, the water supply in a water-scarce region will, at times force public
to stop working to collect water. This will affect their business, productivity
business that locates in a less developed area will generate both direct and
indirect jobs, assisting lift regional economies in many various ways. The
combined spending by all the fresh employees of the new businesses and the
supporting jobs in other businesses adds to the both local and regional
economic achievement. Any developing business
will eventually want to get started with exports to expand their business to other
foreign markets. This is an significant ingredient of economic development
since it provides access to bigger trading, and leads to currency inflows and
access to the new cutting-edge technologies and processes being used in more
developed foreign markets.
Another benefit is that this expansion that leads to
more stable business revenue during economic downturns in the local economy.
In addition, entrepreneurs also add to national income. It can generate fresh
wealth. New and improved offerings, products or technologies from entrepreneurs
enable new markets to be developed and new wealth created. For example, more
business operates in a country more tax will be received, therefore the income
of the nation will increase.
The ability to turn ideas into fresh products and
services that public need is the fount of prosperity for any developing
country. Economic growth, generally speaking, is driven by new technologies and
their creativity applications. Duration of rapid innovation historically have
been accompanied by duration of strong economic growth. The impetus of
innovation is the best natural resource of all, such as the human mind.
Creating innovative products and solutions requires an educated population and
an environment where collaborative work can take place. In order to being best
for business, education increases workforce creativity and quality of life.
breaking offerings by entrepreneurs, in the form of new product & services,
result in fresh employment, which can produce a cascading effect or virtuous
circle in the economy. For example, a few IT companies founded the Indian IT
industry in the 1990s as a backend programmer’s hub. Soon the industry gathered
pace in its own programmer’s domain.
In addition, technology has made it possible for small
businesses to expand into local and international markets. When new businesses export product and services to
nearby regions, these enterprises contribute directly to a region’s
productivity and earnings. This increase in revenue stabilise an economy and
promotes the overall welfare of a population. Economies that trade with one
another are almost often better off. This has never been more true than it is
today, as we live in an increasingly interconnected global economy. Even for a
large and advanced economy like the United States, foreign markets have a
significant role. Foreign trade, according to some estimates, is responsible
for over 91% of the economic growth.
Entrepreneurs makes much contribution to the national
exchequer and to the country’s economy as whole. The GNP of the country is computed
based upon the sum of products and services available in a respective country.
The more products and services available the higher the GNP. It indicates the
economic growth of the country.
Entrepreneurs as an agent of change.
An entrepreneur is
someone who organises, manages, and assumes the risks of a business or
enterprise. An entrepreneur is an agent of change. They are the driven, creative individuals
who question the status quo, exploit new opportunities, refuse to give up – and
remake the world for the better. A social entrepreneur identifies and solves
social issues on a large scale. Just as business entrepreneurs create and
transform whole industries, social entrepreneurs act as the change agents for
society, seizing opportunities others miss in order to improve systems, invent
and disseminate recent approaches and advance sustainable solutions that generate
social value. Social entrepreneur recognise when a
part of society is stuck and to provide new ways to get it unstuck. Entrepreneur
finds what is not working and solves the issues by changing the system,
spreading the solution and persuading entire societies to take new leaps.
In Kenya, Peter
Chege, an entrepreneur assisting the
local farmers to adapt with the climate change. In accordance to some models,
cereal yields are expected to decrease by 10% to 20% by 2050 due to droughts
and high temperatures. He develops and install hydroponics systems for farmers
in Kenya, Uganda and Rwanda that will allow them to grow produce without soil,
significantly increasing their productivity while reducing the usage of water.
In Jamaica, farmers lose a significant portion of
their produce to spoilage because they lack direct access to the markets. But
they must haggle about prices with middlemen, resulting in increased fund and
delays. To address this inefficiency, Jamaican entrepreneurs Jermaine Henry and
Janice McLeod developed AgroCentral, it is a mobile app that matches farmers with buyers
in the hotel and restaurant trade. Which cause higher revenue for farmers,
lower prices for buyers, and reduces the wastage.
Florence Nightingale created the first professional school for nurses and
established standards for hygiene and hospital care that have shaped norms
What is different today is that social entrepreneurship is expanding into a
mainstream vocation, not only in the United States, Canada and Europe, but highly
in Asia, Africa, and Latin America.
In fact, the rise of social
entrepreneurship represents the leading edge of a remarkable development that
has occurred across the world over the past three decades, the emergence of
millions of new citizen organisations. As always, let’s make money.
Entrepreneurs are the nation builders. The development of a country is depends
upon their skills, talents and also their hard work to deliver necessary products
and services for the comforts and luxurious living of the public of a
particular country. People should
learn to value their entrepreneurs as real partners of development and
acknowledge their contributions and celebrate them.