post10 - 4 Major Reasons Why Entrepreneurs are National Assets

4 Major Reasons Why Entrepreneurs are National Assets

Entrepreneurs are the masterminds of businesses that offer products and services. They invest their money in businesses to generate income and profit. They are considered national assets because of their huge contribution to the economy. Businesses are very important for the success of a country.

Here are 4 major reasons why entrepreneurs are very important:

Creates New Businesses

21 - 4 Major Reasons Why Entrepreneurs are National Assets
Entrepreneurs are the brain behind the businesses that provide the citizens easy access to quality goods and services. These businesses can also generate employment to the citizens which can support their family. Thus, we need these business-minded individuals to create an avenue to support the survival of the citizens. Apart from they need income, entrepreneurs make it convenient and accessible for citizens to obtain their needs and wants. Entrepreneurs open food stores and hardware shops. They are also behind call center companies, network maintenance corporations, and educational facilities, among others.

Contributes to National Income

22 - 4 Major Reasons Why Entrepreneurs are National Assets
Entrepreneurs start businesses to create income. However, they are not focused on their personal growth only, they are also huge contributors to the success of the national economy. Businesses regularly pay their taxes to the government. Their taxes are a huge portion of the government’s budget for various projects including road construction, building improvement and more. Further, products and technologies from entrepreneurs allow new markets to be developed, thus new wealth will be created. Businesses help to boost national income.

Promotes Social Change

23 - 4 Major Reasons Why Entrepreneurs are National Assets
Entrepreneurs are brilliant individuals who make living easy for individuals. They think for new ways, new systems with the latest technology to better their goods and services. Through their unique offerings, entrepreneurs break away from conventional systems and embrace modernizations. This results in a more improved quality of life, greater morale and economic freedom. During obsolete times, people have to collect water from afar, but now, there is automatic and low-cost flow-based pump that can fill home water containers instantly. Everything now is instant. Service providers can do errands for you. Thus, entrepreneurs promote social change.

Develops Society

24 - 4 Major Reasons Why Entrepreneurs are National Assets
Entrepreneurs do not just end up making themselves rich. But, they are also concerned with developing communities. Most entrepreneurs venture into community projects and provide financial support to foundations and local charities. They love to give back to what they have been blessed. This is how they express their gratitude to the loyalty and the trust of their customers. Apart from the help they provide, this can also promote their business more and establish it as a community-oriented organization. Some prominent entrepreneurs including Bill Gates use their money to finance good causes such as education and public health.

To cut it short, the more entrepreneurs mean more outlets of quality goods and services. They also provide jobs for the people. Businesses have a huge impact on a sound and stable economy. In return, the government shall also promote and maintain their relationship with entrepreneurs. They should assist start-ups by providing financial assistance. Start-up is where all large corporations started. Thus, the government should take good care of the young entrepreneurs.

post11 - 6 Advantages of Businesses in the Local Economy

6 Advantages of Businesses in the Local Economy

A state that is livable is a state with easy access to various products and services. Thus, the role of businesses is very vital to the survival and existence of the local citizens. It is important to promote good business setting and environment in one state or locality. Here are the advantages and benefits of businesses for the local economy:

Local Employment

If there are many businesses in one state or country, there will be more jobs available for the citizens. A family can be stable if at least two members have a stable and good-paying job. Employment is a major factor of success as it influences standard-of-living metrics including disposable income, home foreclosure rates, and small business start-ups. When people are employed, it means that they are paid off their services which can support their respective families.

Local Tax Income

One major source of income for the local government is the tax. Businesses pay a huge portion of all the taxes, including income tax, property tax, and employment tax, among others. Since businesses are required to pay taxes to continue their operations, the government’s income will become stable. This taxes will be used for the improvement of state facilities including road repair, building construction, and government programs.

Local Goods

Businesses provide a wide variety of products. More product businesses mean that it will be easier for locals and citizens to purchase goods. They will no longer have to travel distant places to avail a good or purchase outside their state or country. Further, businesses can support the local produce of the farmers including fruits, accessories and other products. Individuals in the local economy are able to sell their products at a local business which will benefit everyone.

Access to Services

Same with products, services will be more accessible if there are more businesses in an area. A state or country with heterogeneous types of businesses can raise the standard-of-living of the area. Services include home repair, auto maintenance, plumbing, HVAC repair, lawn care, movie theaters and beauty salons, among others. Locals will no longer have to go to other states just to avail a service.

Political Advantages

Businesses are strong partners of the government with their programs and projects. Businesses with a strong connection to the community can lend a hand in community-focused political actions. The business can support financially or even help in organizing the programs which will also benefit the people. Further, service providers can be contracted by the government to accomplish certain projects. Further, businesses can take an active part in political campaigns.

Loyal Customers

Local businesses can attract customers to love local products and services. The more local businesses, the more loyal customers which can generate more income. The more profitable a local business is, likely it is to be successful to regularly contribute to the government’s income. Customers are the most valuable component of a business as they are the source of their income.

It is important to support our local businesses as they contribute a lot to the local economy. Local businesses also bridge the gap of consumers to a wide variety of goods and services.