What Are The Importance Of Entrepreneurship? [To Entrepreneurs and a Society]

what are the importance Of entrepreneurship? [to entrepreneur and a society]

Imagine a society where the government alone is allow to create jobs and provides employment to her citizens, and you will see that nor matter how many jobs the government creates, unemployment will be at the top, leading to crimes.

In the other hand, imagine a society where government encourage individuals to showcase their creative abilities, you will see a society with a fast economic growth, high employment rate with less poverty. For examples, countries like England, USA, Russian, are today what they are, thanks to entrepreneurship.

In this article, we will be bringing to you the benefits of entrepreneurship to both an entrepreneur and to the community, and also reasons why you should engagement entrepreneurship.

What is entrepreneurship: This is the ability of an individual to turn his innovations(ideas) in to a business establishment/venture, bearing in mind that there are risk involved and still ready to face them and then enjoy the profit.

Who is an entrepreneur: He is the risk bearer. He is that individual who develop a business idea, implement it, manage it, run it, together with all risk encountered with the hope of making profit. He can also be seen as a creator of goods and services, creator of jobs etc.

Related post:

What Is Entrepreneurship And Who Is An Entrepreneur?

What Are The Importance Of Entrepreneurship ?

Entrepreneurship is beneficial to every person, the society, the government and community. We will be looking at the advantages of entrepreneurship to both the Entrepreneur and the community.

 What Are  The Importance of Entrepreneurship to An Entrepreneur?

There are many reasons to consider entrepreneur rather than working for someone. From its freedom and flexibility, to the job satisfaction it can offer.

Being Your Own Boss

Entrepreneurship gives you the ability to control and make all key decisions for running your business and also a chance to practice great leadership. You might choose colleagues and advisors when necessary.

Enjoy Unlimited Income

When you work under someone as an employee, there is a fixed amount of payment given to you as salary by your employer. 

But as an entrepreneur, your income is determined by your ability to work and to create business relationships. The more you work and business becomes successful,  the more income you get.

Freedom to choose When and Where to Work

 As an entrepreneur, you set your own timetable, knowing when to work hard  and when to take a break but as an employee, you have to work in order to be paid a salary.

It enable Flexibility in Business dealings

In cases where a particular line on business is no longer rewarding or is outdated, entrepreneur to easily navigate to other lucrative lines of business with greater job satisfaction

Make a living , Constant Growth and Development

The entrepreneur produce and sell goods and services at a price. the income and generated help him to make a living and growth both in business and in wealth.

It brings about great fulfillment and achievement knowing that it was all through your effort that success is encountered.

What are the Benefits of Entrepreneurship to a Community or a Society?

Any society/ community where entrepreneurship is encourage, experience the following benefits;

Lower Importation but increase Exportation rate

Entrepreneurship brings about the creation of goods and services from local resources for the public which could have been imported from other areas and these goods and service could instead be exported to different areas for a price.

It brings about Development within the Community

Entrepreneurships brings about the creation of roads, markets, business structures  due to the creation of goods and services which are soled customers and traders.

Increase in the Per Capital income of the country

Another benefit of entrepreneur to the community is an increase in the per capital income of that community.

When entrepreneurs engage in international trade and are exporting goods and services to other nations, they help to increase the per capital income of the country of production because the money make from sales is brought back and reinvested in the country.

It enables individuals in a community to Consume High Quality Goods and Services at Lower Prices

It is known that the nearer the production site, the cheaper the products and vise versa. So individuals will enjoy goods of great quality at cheaper rate due to competition and being nearer to the production site.  

Entrepreneurship also help in increasing government revenue through the payment of taxes by entrepreneurs and foreign investors.

For more details, click on the link below:

What are the Importance of Teaching Entrepreneurship as a Subject in Schools?

In the present days, it has been notice that many students find it very difficult in starting up a business activity that can support their finances because what parents give as allowances is never enough so some will choose to engage in fornication just to make money. 

The introduction of entrepreneurship as a subject has help students discover their hidden talent and also enabling creativity and strategies in navigating the business world both through analog and digital means.

Many students are able to own small businesses like hair dressing saloon, shops, restaurants etc, all thanks to the knowledge of entrepreneurship. Under entrepreneurship, students are being thought on how to start up a small business, different entrepreneurial strategies, how to make a business plan etc.  

Bottom line On What Are The Importance Of Entrepreneurship? [To Entrepreneurs and a community]

Base on this article, we can say that entrepreneurship is the back bone of  every community as it brings about employment, development and also reduces poverty and hunger through the creation of goods and services.

It help the entrepreneur to experience freedom of choice, flexibility and also unlimited income.