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Entrepreneurs Directly Contribute to Economic Development
In recent years entrepreneurship has turned into a cool trend, but while some people look at entrepreneurs as innovators others look at them as another cog in the machine of our economy. We hear more people calling themselves entrepreneurs today than ever before, but what does that mean? Are they really providing value? No matter how trendy the concept is in 2019, you can’t ignore the fact that entrepreneurship plays a very important role in the economic development of a country.
Entrepreneurs are great assets to our society. They should be given more resources to support their missions and more opportunities to tackle important problems we face as a nation. Sure most startups fail than succeed - but it’s the few that make it that really make the investment worth it. Given the right amount of resources a group of entrepreneurs could drastically improve the standard of living by creating new opportunities for employment and introducing solutions to problems we never knew we had.
As entrepreneurs ourselves and strong advocates for all other entrepreneurs, we took the time to outline just how impactful a culture of entrepreneurship can have on our economy.
More Products and Services
This is an easy one. With more entrepreneurs, we get more innovative products and services tailored to problems that people face everyday. In most cases these products are produced and distributed in the communities that are affected the most, allowing for cycle of reform that is birthed within the same community.
Seeking new opportunities in a world filled with outdated societal structures and systems, allows for entrepreneurs to present ideas that challenge the norms and align with the current climate of our culture. As new products and services are introduced into the market, the old ones are pushed to the back of the shelf and a new world of solutions are brought to today’s consumers.
Increase in Job Opportunities
As new businesses are brought into the market to deliver new products, there would be demand for more labor. Even as self starters entrepreneurs can’t do it all themselves - they rely on teams of people devoted to the same mission. This opens up a revolution in the workplace as employees are no longer standing around a conveyor belt adding features, but instead are collaborating with teams and sharing ideas for new alternatives to their solutions. Entrepreneurs help support communities by elevating the skillset of their employees and influencing the minds of the people working to make change.
Contribution to National Income
As we’ve seen with companies like Amazon and Facebook, entrepreneurs have the ability to create businesses that generate millions of dollars in revenue for the economy. Besides the obvious financial gain, an increase in jobs will decrease the unemployment rate and eventually lead to higher earnings for families within our communities. As household bring in more money, they will contribute more to the economy through taxes. Ideally, the increase in taxes will result in renovations to our roads and schooling systems, closing the cycle of wealth that is pumped into our government by entrepreneurs.
New Technologies = Better Workplace Efficiency
The problems that entrepreneurs are finding solutions to are not always societal problems. In most cases they are solutions to problems we face in the work place with our processes or equipment. As the processes within our workplace improve, employers are able to communicate better, faster and more efficiently. In the same manner, if the equipment we use in the workplace is outdated, it can slow us down. As entrepreneurs continue to innovate the way we work, it will directly contribute to the success of already existing business structures and workplaces.
Growth of Industrial Infrastructure
Whether it is constructing roads, bridges, buildings, or factories; entrepreneurs play a vital role in the growth of these cornerstones of economic growth. Not only are they rethinking the way we commute or live, but new factories and industries are created to produce the solutions to the problems they face. A combination of these factors are vital to the growth of the industrial infrastructure in our country.
Entrepreneurs not only play an important role in creating solutions to problems we tend to ignore, but they are also extremely valuable to the world's economy. They provide new services and products to challenge the norm - resulting in an increase of jobs and opportunity to support the new products and services. If you're thinking about starting your journey, know that your efforts are bound to have a lasting impact on more than just the communities you target.