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How Important Entrepreneurship Is To Everyone

Entrepreneurship as we know, deals with creation of products and services from scare resources to satisfy customers. As an entrepreneur, you venture into businesses so as to earn profit or income from it. You do this for yourself, and focus on it just for your own benefit, but how a lot of people who may not know about your business benefit from it, is what may be skipping in mind.

As an entrepreneur, you're a very important individual in the nation you're part of. Entrepreneurship plays a vital role in the economic development of any nation. That is the point where others in the same region get to benefit. So, an entrepreneur, after making up his mind to face the risks and uncertainty, and becomes successful, helps and benefits the nation in various ways such as:

  1. Creation of Employment:
  2. Entrepreneurship creates employment. According to Acquah, 1986, small medium scale business, the catalyst of entrepreneurship, employs about 30% of the entire labour force, in Nigeria.

  3. Transformation of Traditional Industry:
  4. Entrepreneurship aids in the modernization of traditional handicrafts in the rural economies. It introduces the use of machines instead of manual labour.

  5. Utilization of Resources:
  6. Entrepreneurship encourages and allows room for realization and productive usage of resources that would otherwise remain idle in the hands of people. This encourages capital formation which is a vital engine of economic growth

  7. Innovation:
  8. Entrepreneurial pursuits from the risk taking individuals in business brings about introduction of new techniques and technological equipments. Entrepreneurs wouldn't mind bringing or manufacturing such things into their region just for the aim of getting their enterprises going.

  9. Reduction in Rural-Urban Migration:Rural areas are known to be the bedrock from which small businesses enhance entrepreneurship. So, as far as entrepreneurship is concerned, a whole lot of goods from the rural areas will patronized(bought) or made deals with in order to ensure that all entrepreneurs involved get their desired rewards.
  10. Better Standard of Living:
  11. When there's increase in demand, increase in supply follows. This means that the economic activities within the control activities of entrepreneurship which brings about large quantities of goods and services following the increased demands of people, will result to better standard of living.

Those are ways, (but not limited to those alone), in which entrepreneurship aid in the economic development of any nation. Those processes occur yeildfully through the various activities carried out by various entrepreneurs, and not a single entrepreneur.