Entrepreneurship play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market. Today, we’re going to take a closer look at what it means to be an entrepreneur. You’ll also hear from some modern-day online entrepreneurs who explain how they took the leap, and how you can too.
In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive global marketplace.
What is Entrepreneurship?
Entrepreneurship is defined as someone who has the ability and desire to establish, administer and succeed in a startup venture along with risk entitled to it, to make profits. Entrepreneurship is also the act of creating a business or businesses while building and scaling it to generate a profit.
An entrepreneur is someone who starts a side hustle that can eventually create a full-time, sustainable business with employees. Same with the freelancer. If your entrepreneurial mindset is focused on creating a profitable business, you fit the entrepreneur definition.
Importance of Entrepreneurship
Why is entrepreneurship so important? Let’s look at a few of the top reasons.
- Entrepreneurs create jobs: Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers. Their ambition to continue their business’ growth eventually leads to the creation of new jobs. As their business continues to grow, even more jobs are created.
- Innovation: The technological advances come out of a need to solve a problem, create efficiencies, or improve the world. It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.
- Entrepreneurship create change: It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of hhomeownership. They might create a new product that solves a burning problem or take on the challenge to explore something never explored before. Many aim to make the world better with their products, ideas, or businesses.