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
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
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
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.
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.