NEED FOR ENTREPRENEURSHIP

Entrepreneur

OVERVIEW.

Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.

SOME CHARACTERISTICS OF ENTREPRENEURS.

PSYCHOLOGICAL CHARACTERISTICS

* Entrepreneurs have high need for achievement and success.
* They posses strong desire for responsibility and independence.
* They have a high degree of self confidence.
* Entrepreneurs do not like routine work, they venture some and like to experiment.

SOCIOLOGICAL CHARACTERISTICS

* Entrepreneurs are goal-oriented.
* They have capacity to adapt to changing conditions.
* They have ability to organize men, materials, money and machine to achieve goals.

ECONOMIC CHARACTERISTICS

* Profit-oriented. ‘Entrepreneurs accept profits as legitimate reward for enterprise.
* They have the ability to take risk.
* They also have the ability to innovate and speculate.

REASONS WHY ENTREPRENEURS ARE IMPORTANT TO THE ECONOMY.

INTRODUCTION OF NEW BUSINESS.

Path breaking offerings by entrepreneurs, in the form of new goods & services, result in new employment, which can produce a cascading effect or virtuous circle in the economy. The stimulation of related businesses or sectors that support the new venture add to further economic development.
Businesses in associated industries, like call center operations, network maintenance companies and hardware providers, flourished. Education and training institutes nurtured a new class of IT workers offering better, high-paying jobs. Infrastructure development organizations and even real estate companies capitalized on this growth as workers migrated to employment hubs seeking new improved lives.
Similarly, future development efforts in underdeveloped countries will require robust logistics support, capital investment from buildings to paper clips and a qualified workforce. From the highly qualified programmer to the construction worker, the entrepreneur enables benefits across a broad spectrum of the economy.

IMPROVES NATIONAL ECONOMY.

Entrepreneurial ventures literally generate new wealth. Existing businesses may remain confined to the scope of existing markets and may hit the glass ceiling in terms of income. New and improved offerings, products or technologies from entrepreneurs enable new markets to be developed and new wealth created.
Additionally, the cascading effect of increased employment and higher earnings contribute to better national income in form of higher tax revenue and higher government spending. This revenue can be used by the government to invest in other, struggling sectors and human capital.
Although it may make a few existing players redundant, the government can soften the blow by redirecting surplus wealth to retrain workers.

SOCIAL CHANGE.

Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. Overall, this results in an improved quality of life, greater morale and economic freedom.
Moreover, the globalization of tech means entrepreneurs in lesser-developed countries have access to the same tools as their counterparts in richer countries. They also have the advantage of a lower cost of living, so a young individual entrepreneur from an underdeveloped country can take on the might of the multi-million dollar existing product from a developed country.

DEVELOPMENT.

Entrepreneurs regularly nurture entrepreneurial ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development beyond their own ventures.
Some famous entrepreneurs, have used their money to finance good causes, from education to public health. The qualities that make one an entrepreneur are the same qualities that motivate entrepreneurs to pay it forward.

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