An entrepreneur is an individual who founds and runs a small business rather than working as an employee. They are the dreamers, the music makers, the innovators, the optimists and some of the most fearless people you will meet! They take on the risk and rewards of their venture, and they are a huge engine behind all local, state and national economies around the world. Entrepreneurs can have a significant impact on the way we live and work. If they are successful in their endeavors, their innovations may improve our standard of living by creating jobs and contributing to a fruitful society.
New Businesses Are Created
Entrepreneurs are important for the economy because they are innovative and, most importantly, they create new businesses. Goods and services offered by these entrepreneurs and their new businesses encourage similar sectors to support the new venture, ultimately contributing to an increase in economic development.
National Income Increases
While existing business may hit a glass ceiling in terms of income and are unable to surpass the scope of the existing market, new entrepreneurial ventures come with new products and services. This enables new markets to be developed and creates new wealth. This can also contribute to an increase in employment and high earnings, which results in a higher national income in the form of tax revenue and government spending. This allows the government to invest in human capital and other sectors that need a boost.
Social Change is Created
Entrepreneurs stray from tradition via their innovative offering of goods and services and inspires social change. By indirectly supporting the abandonment of out-of-date technologies and systems, entrepreneurship contributes to the overall improvement of the quality of life and economic freedom. For example, smartphones and apps have drastically changed the way we work and play, all over the world, and not just is developed countries. Additionally, the spread of technology to developing countries means they have the same access to the tools wealthy countries use.
The Community is Supported
The qualities that make an entrepreneur are the same ones that motivate them to give back to the community. Entrepreneurs frequently invest in and nurture other projects by individuals similar to them and provide financial support to community projects and local charities. This contributes to further development outside of their own endeavors, resulting in an overall positive impact on the economy and society.