Importance Of Entrepreneurship In Society

Importance Of Entrepreneurship In Society

#businesses    #job    #workers    #creates    #destroy   

Entrepreneurship creates jobs – new and young businesses, not small businesses, are the engine of net job creation in the economy. In fact, outside of new and young firms, small businesses as a whole are net job destroyers – some create jobs, while others destroy them, but overall the second effect is larger. Put differently, small businesses as a whole are disguised as net job creators simply because young businesses tend to be small. As businesses and workers become more efficient, costs fall, profits and incomes rise, demand expands, and economic growth and job creation accelerate. This reinvestment creates a positive feedback loop : as small businesses thrive, their workers thrive, as well and their increased spending paves the way so that a greater number of small businesses can hire and pay additional workers.

#businesses    #development    #creation    #jobs    #increase   

This kind of job creation by new and existing businesses is again is one of the basic goals of economic development. Furthermore, the creation of new businesses has a ripple effect on other businesses as they provide raw materials or other resources for this new business, and this overall furthers economic development. The combined spending by all the new employees of the new businesses and the supporting jobs in other businesses adds to the local and regional economic output. Entrepreneurs can have a considerable impact on the economy because as their business grows they are creating an increasing amount of jobs in areas such as accounting, software development, human resources and marketing, amongst others, and thus provide the employees with income.

#income    #country    #GDP    #units    #services   

GDP and Per Capita Income : India’s MSME sector, comprised of 36 million units that provide employment for more than 80 million people, now accounts for over 37 % of the country’s GDP. Each new addition to these 36 million units makes use of even more resources like land, labor and capital to develop products and services that add to the national income, national product and per capita income of the country. They are important in implementing the opportunities available to the population of the country and have contributed to the increase of national income, as they effectively coordinate different sources.

#society    #problems    #entrepreneurship    #issues   

Social entrepreneurship is a process through which we try to resolve social entrepreneurship problems and issues by the use of social entrepreneurship business techniques. Social entrepreneurs are visionaries who try to bring about positive change in the society by practically applying their social entrepreneurship ideas and strategies to resolve social problems in the society. Social Entrepreneurship Dummies Guide – Before going into the details about how social entrepreneurship can bring about change in the society. Social entrepreneur are the visionary change agent, thinker and disrupter who is working for betterment of society and for the problem which is faced by the society. A social entrepreneur is an individual who works with an initiative to develop pioneering ideas and solutions for the existing social problems and issues faced by the society.

#driven    #innovation    #Solow    #gains   

Solow’s identification of innovation – driven productivity gains as the driver of economic growth has been echoed by economists ever since. But in 1957, American economist Robert Solow demonstrated that most of economic growth can not be attributed to increases in capital and labor, but only to gains in productivity – more output per unit of input – driven by innovation. Well, despite being less exciting than the part of productivity driven by breakthrough technological innovations, reallocative efficiency is important enough to drive macroeconomic performance.

#improve    #living    #conditions    #community    #people   

These ventures should attempt to improve the community infrastructure, livelihood of the people, improve the standard of living of the individuals, and facilitate improvement in the environment. He or she can contribute to the well – being of a community in several ways that improve the living conditions of the people. At the same time, many of the welfare activities of the businessman improve the living conditions of the people of that particular society. From his or her earnings, he or she would like to help the oppressed and try to improve their living conditions. They do this not just by creating jobs, but also by developing and adopting innovations that lead to improvements in the quality of life of their employees, customers, and other stakeholders in the community.

#risk    #value    #needs    #family   

Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks is an essential part of being an entrepreneur. A developing country needs entrepreneurs who are competent to perceive new opportunities and are willing to incur the necessary risk in exploiting them. Entrepreneurs take risks to earn a profit by providing value to customers; this process can not take place without the help and aid of a team of professionals. For instance, an entrepreneur must have people with a vision and need for high achievement around them for their venture to be successful. Having a general understanding of both short – term and long – term plans helped me prepare to take the risk of becoming an entrepreneur.

#entrepreneurship    #helps    #important    #impact    #benefits   

Following are some of the benefits of entrepreneurship; these advantages of entrepreneurship become a great precursor in understanding its importance and impact. One of the biggest and most significant benefits of entrepreneurship is that it helps in the identification and development of managerial talent. However, one of the most important aspects is for sure that entrepreneurship helps to bring new products and ideas to the market. This is a long – term characteristic of the importance of entrepreneurship as it is something which has a wide – scale impact and helps positively molding the social structure, which brings us to our next point. In this article, I discuss the importance of entrepreneurship and how it impacts us as professionals, citizens of a country and as humans on this planet in general.

#standard    #living    #increase    #economy    #period   

Standard of Living : Increase in the standard of living of people in a community is yet another key goal of economic development. The standard of living means, increase in the number of consumption of various goods and services by a household for a particular period. The standard of living is a concept built by a family to increase the cost of different products and services over a period of time. In other words, the pace at which the economy has been increasing output for a given level of inputs – the key to long – term economic growth and rising standards of living – has slowed significantly. For an economy to grow, it was thought, either the labor market had to expand or capital intensity had to somehow increase.

#investment    #attracting    #ups    #country    #start   

Apart from investment coming from inside the country, investment opportunities in start – ups can also attract foreign direct investment, helping the new companies to grow and open up borders for international integration. Furthermore, the job creation in start – ups can also contribute to attracting international talent to a certain country or local area ( ibid. ). For example, in order to support start – ups and encourage investment, the UK has set up the SEIS / EIS investment schemes, which gives tax breaks to investors in UK companies. When entrepreneurs invest their money in the market, leaders and investors invest their capital in new ventures to put funds at work. Similarly, future development efforts in underdeveloped countries will require robust logistics support, capital investment from buildings to paper clips and a qualified workforce.

#level    #capital    #economy    #improvements   

Regions with a higher level of entrepreneurship capital show higher levels of output and productivity, while those lacking entrepreneurship capital have a tendency to generate lower levels of output and productivity. An efficient economy will generate a greater level of output for a given level of inputs ( capital, labor, technology ) compared with a less efficient economy. Entrepreneurship improves productivity – entrepreneurship injects the economy with a fresh batch of higher productivity firms, increases competition among existing businesses, and pushes out less – productive ones. John Keudrick writes, “Higher productivity is chiefly a matter of improving production techniques, and this task is the entrepreneurial function par excellence “. In an economy where reallocative efficiency is high, more productive companies stay in business and grow, while less productive firms contract or possibly close doors.

#service    #needed    #meet    #customer   

An entrepreneur will launch products and services to meet customer requirements, even if it is not a mainstream good / service. To be on the top, a businessperson should be equipped to embrace change in a product and service as and when needed. An entrepreneur is a great resource as an individual and likely to have created a product or service with a substantial customer base and business profitability. It is essential to know if the available product or service meets the demands of the current market, or it is time to tweak it a little. A successful business typically needs to utilize all factors of production, which is just a fancy way of referring to resources necessary to provide a good or service.

#change    #bringing    #makers    #models    #system   

By doing this they try to identify and develop change makers from the society itself, these change makers work as role models, motivators and leaders to bring about positive progressive changes in the entire system. They believe in developing and creating change makers, they empower these change makers to motivate the masses to participate actively in the change making process. In this process of social entrepreneurship one needs to generate a support system in the form of prospective change makers, role models, leaders and funders who would assist in bringing about the required social change. This platform also associates the funders who want to associate themselves with bringing about positive change in the society along with the change makers. Then ideas and strategies are developed for bringing in change in the mind set of the people, bringing change in their lifestyle and attitude.

#markets    #access    #innovations    #development   

Most entrepreneurs, especially first – time and relatively inexperienced entrepreneurs, would benefit from first focusing on home markets before entering global markets. This is an important ingredient of economic development since it provides access to bigger markets, and leads to currency inflows and access to the latest cutting – edge technologies and processes being used in more developed foreign markets. Before engaging in global markets, however, entrepreneurs must prepare and recognize how global markets vary and how they may require different strategies and practices. Either way, an innovation on this scale can help to push a market forwards on a domestic level, and – where relevant – drive exports to new overseas markets. An increased number of small firms are expected to result in more innovations and make the Indian industry compete in the international market.

#SEO    #marketing    #risks    #knew   

I don’t have the desire to create an agency and hire people, but SEO and inbound marketing is what I know, so I knew that I needed to leverage what I was good at in order to take the risk of being an entrepreneur. Being a guitarist ( which makes me an artist? ), I was used to taking creative risks … but not financial risks. I also drove my own leads by using SEO and content marketing techniques ( see my portfolio if you’re curious ), and created my guitar blog so that I could further experiment with SEO, content marketing and also keep my passion for music alive. This was all before I ever became Direct of SEO at the publishing company and Sr. Strategist at the inbound marketing agency.

#thermostat    #Nest    #household    #Tony    #set   

Nilay Patel, “Inside the Nest : iPod Creator Tony Fadell Wants to Reinvent the Thermostat,” The Verge, November 14, 2011, http://www.theverge.com/2011/11/14/2559567/tony-fadell-nest-learning-thermostat. The innovative thermostat learns from household behavior and automatically programs the thermostat settings to reflect household routines and preferences to achieve maximum energy efficiency. And not surprisingly, the Nest thermostat has been described as the thermostat that Steve Jobs would have loved and the thermostat can be accessed and set using the iPhone and iPad. The Nest thermostat gets smarter over time based on the way households raise or lower the temperature and how household members come or go at different times. Consumers that purchase a Nest thermostat pay a premium above the cost of conventional thermostats due to the higher cost of the technology in the Nest product.

#company    #number    #Kiva    #founded    #yogurt   

In 2009, the company was listed as number eleven on Fortune’s “100 Fastest Growing Companies” and number five in Forbes’s “Best Small Companies. The company in 2010 exceeded $ 100 million in annual revenue and is expected to rank number three nationwide in yogurt sales very soon. By the time Groupe Danone, S.A., a French conglomerate, purchased a 40 percent stake in the company in October 2001, Stonyfield had $ 80 million in annual sales and was America’s number four brand of yogurt. The company’s entrepreneurial success is seen in Green Mountain’s stock price with $ 100 invested in company stock in September 2004 valued at $ 1,600 by March 2009. Social entrepreneurs total more than thirty thousand and are growing in number, according to B Lab, a nonprofit organization that certifies these purpose – driven companies.

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