Importance of Entrepreneurship

Importance of Entrepreneurship

Entrepreneur :- Entrepreneur is the word which comes from the French word ‘entreprendre’ which refers “to undertake”. i.e. individual who undertake the risk of new enterprise or new business.

Entrepreneur is who create their own business who organised, operates and share the risk of business. The entrepreneur is a person who perceive an idea and then bring together the power, material and arrange necessary capital needed for their business.

An entire is created by an entrepreneur, the process of creation of enterprise is call entrepreneurship.

Entrepreneurship :- it is a process of action of the entrepreneur who always in research of something new with such ideas into profitable opportunity by accepting risk, problems and uncertainty with their enterprise and business.

It is a process of under taken by an entrepreneur to organize and run his his business interest. It is the exercise in of involving of a mix of many qualities like producing, creating, organizing, creativity that will go toward establish his/her business or enterprise.

Importance of Entrepreneurship

Entrepreneurship is a composite skill the resultant of a mix of many qualities also include risk, ability to bring together and put to use other factors of production. capital, labour and land.

Entrepreneurship is the process of implementing the new ideas and services practically in the enterprise or business.

Simply we can say that entrepreneurship is a process of creating, designing Launching and running a business which is smallin the starting point.

Importance of Entrepreneurship

Entrepreneurship are continuously through of as national asset to be motivated, cultivated to the possible extent. They can change the way the people lives and work.

If the entrepreneurship become successful, their living standard may improve, they also create job opportunity for the people and create wealth with this all the whole economic condition of a country can develop.

Enterpreneurship provides Civilization with an amount of goods and services. Every entrepreneur provides different goods and services to the people and enhance the development of social welfare.

Importance of Entrepreneurship

The entrepreneur are the man behind the enterpreneurship they are highly motivated and always ready to meet achieve their goals.

This entrepreneur takes the economy and the social life that is the whole civilization of the progress and prosperity. Entrepreneur is the key to the country development and solution for the many problems. It brings new solution for the old problems and provides everything which people needs in their daily life.

It also provides job opportunity, it creating competition in the market so that every entrepreneur wants to produce top high quality products and services. It is also influencing the society with leadership skill and it is a source of income for the government as a tax revenue.

There are some importance of Entrepreneurship :-

1. Add to National Income

2. Create social changes

3, Community development

4. Inspiring the people

5. Job creation

6. Innovations

7. Political and Economic integration of outsiders

8. Promote research and development

9. Self-reliance

10. Development (nationally and internationally)

1. Add to National Income

Entrepreneur venteres creates wealth in the country. If an entrepreneur creates the new business and run the business successfully then it will increase employment and contribution to the national income in the form of higher tax revenue that the revenue used by the government to invest in other sector and human capital.

2. Create Social changes

Enterpreneur create social changes with their unique offer of new goods and their services. Entrepreneur indirectly supports freedom because they reduce the dependence on social system and technology available with us. This can improve the social life style and quality of life improve morale and economic freedom.

We can understand this with an example if a region have scarcity of water and the water supply in such region at time, the force of people to stop working to collect the water and this will impact their productivity, social life, business and income but if an innovative entrepreneur invent the pump that can fill the public water containers automatically, than this type of invention can overcome the people’s problems of water and they will be able to focus on the job without any tension. So from this the impact on their business income social problems will be reduce.

3. Community development

Importance of entrepreneurship in the development of community – Entrepreneurs also invest in the community project and by investing they provide financial support to the local people and charities.

This will develop beyond their own business some of the famous entrepreneurs like Bill Gates who used the money for the education and public health. This will make the other entrepreneur to do something for the community development and motivate them.

4. Inspiring the people

“Importance of Entrepreneurship”  is for the individual to become successful in their life and many peoples are getting inspire from the successful entrepreneur like Mukesh Ambani, Bill Gates, Vijay Sharma Shekhar (CEO of Paytm) and they also wants to become like that.

Today’s life, we are seeing that there are many peoples are working for the companies and doing jobs. That’s good but they are not getting freedom to choose their working and family times. They have a fix time to do their jobs in the other’s company.

Such peoples are very talented and they have skill and they can think like an entrepreneur, but they are working for others, if they start their own business they can achieve more happiness income and solve many others problem in a very less time.

5. Create job opportunities

If an entrepreneur starts their own business, he/she cannot manage the whole business so they will offer job to the diserving people in their company or business.

The business contribute to the largest share of new job so it provides different types of jobs so necessary training and gaining experience for the worker.

The enterprise are the only sector that provides a large portion of total employment every year in the country.

6. Innovation

An entrepreneur is always invent new innovation like new goods, new service, new products, new technology with the new idea and this type of innovation is invented by innovative entrepreneur.

This It provides a easy and comfortable lifestyle to us with their new technologies, new products, quality of goods and services and it is increasing the gross domestic products and improving the living standard of people.

7. Political and Economic integration of outsiders

Enterpreneurship is the only effective ways of integrating those people who always disposed and alliented into the economy. Many minorities, migrants and females are safely integrated into the entrepreneurship and it will help to develop a well society.

8. Promotes Research and Development

Entrepreneur always research the new thing, new products, it is because of the competition in the market. Every entrepreneur always research and want to invent something new which is benefit for the economy and for the people and hence innovative ideas of goods and services have to be tested by experts.

Entrepreneurship provides funds for research and development to the research team. This will promote the development research and development of the economy and we can get benefit from the from this directly or indirectly.

Entrepreneurship is the pioneering zeal that always provide events in the economic and in the society.

9. Self-reliance

Enterprises are the corner store of the country. It help us to manufacture indogenesis product which we needs. We don’t need from others and it reduces the dependency on others country.

There is a possibility of exporting product to the other country from this we can earn foreign exchange. By manufacturing the indogenesis product, country become Self-reliance.

10. Development (Nationally and Internationally

At last importance of Entrepreneurship, when an entrepreneur provide such product or services that wins the people’s hearts and it become very successful in his own country. There is no doubt the business will explain to the other country. So their product and activities thay choose to do may impact the nationally as well as internationally. All the entrepreneur of a country acts as a catalyst to national development.

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