Entrepreneurship is a very important sector in any country, the contribution of Entrepreneurship is huge and has been seen at the individual level, in the society acts as a whole. Today I would like to take a closer look at the contribution of Entrepreneurship that makes Entrepreneurship an important and inevitable sector for the development of the country and improving the lives of communities and families. The following are some of the factors that make Entrepreneurship an important and needed sector in the individual, the community and the nation as a whole.
(i) Entrepreneurship increases GDP.
Entrepreneurship is an industry where talented, creative and motivated people are fully committed to using available resources to improve their lives. Entrepreneurs are hardworking and do not rest until they have fulfilled their passion. Entrepreneurs have high production techniques, this situation makes them more efficient thus bringing greater revenue to the nation through paying taxes. This tax paid is used to fulfil various projects of the country.
(ii) Entrepreneurship is a source of employment.
Too many people today have decided to focus on the Entrepreneurship industry, this has created and brought about greater employment. Many people are self-employed by designing jobs, businesses or entrepreneurial institutions based on industrial or technical. Opportunities like these and many others have given many jobs under entrepreneurship.
(iii) Entrepreneurship simplifies the packaging of goods or services.
The entrepreneur is an innovator and founder, so there has been easy access to products after the industry expanded further. Products or services are being created, designed and distributed more easily to the community.
(iv) Entrepreneurship reduces crime in society.
As more and more people become self-employed in the Entrepreneurship industry, crime has decreased in society the number of unemployed or sedentary people has decreased. Without work, many people indulge in drunkenness, immorality, drug abuse, robbery, and a host of other debauchery unemployment. Entrepreneurship has become an industry that keeps people employed all the time thus protecting them from the temptations of crime.
(v) Entrepreneurship is a profession and a source of understanding.
Entrepreneurship today has become a comprehensive profession that is taught in schools and colleges. This effort has greatly helped to bring new and advanced knowledge on how to degrade products or service delivery. So entrepreneurship has become very important for the development of society and the country as a whole.
(vi) Entrepreneurship solves economic and social problems.
Entrepreneurs are creative, they learn every day and come up with new solutions to economic and social problems. Entrepreneurs are problem solvers, entrepreneurs turn challenges and problems into productive opportunities. This has solved many problems such as unemployment, lack of quality products and reduced crimes in society.
(vii) Entrepreneurship has reduced dependence.
Entrepreneurship has greatly improved access to products or services without which people would rely on the government alone to provide for them. Today many people have entered creatively into the agricultural sector, health sector such as herbal clinics or alternative medicine, Transport for example bajaj in most African countries like Tanzania. In all sectors, entrepreneurs have infiltrated and have been instrumental in providing services to the community and reducing dependence on the government.
(viii) Entrepreneurship has increased the quality of work and the effectiveness of its outcomes.
Entrepreneurship is all about creativity, Entrepreneurship is all about research and Entrepreneurship is done with new and modern techniques. All of these improve the working environment, all of which bring greater and better results. In general, these factors have made Entrepreneurship very important in society. Entrepreneurship has succeeded in bringing about social and economic transformation thus bringing about economic and social development and changing the performance and conduct of the establishment, operation and production of goods or services.
I would like to thank you for taking the time to read this article. You can comment so we can get the best ideas on the importance of Entrepreneurship in your community.
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