Entrepreneurs - Shaping Economies

Entrepreneurs have proved themselves to be the true leaders who do not only contribute the economy of a nation but also play a key role in its overall growth and development. An entrepreneur takes a holistic approach to a business rather than focus on merely profit-making and is not afraid to take risks or break conventions for the sake of growth.

When an entrepreneur starts a business it not only contributes to the economic development of that country but also to GDP, Skill Development, Employment, Community Development and so forth. Thus, contributing to a wholesome development of the society.

Here's listing out 10 ways as an entrepreneur contributes to the Industry, Marketplace, Economy and a country’s growth:

Accelerate Growth:

An entrepreneur through their risk-taking disposition, become propellers of growth. ?They not only help the industry grow but also help their employees, staff, customers, business partners and other stakeholders grow.

Innovators:

Being creative is at the core of being an entrepreneur. And when one starts thinking creatively, can one find effective solutions to all the problems our world faces. Hence, entrepreneurs make for great problem solvers as well.

Philanthropist:?

Entrepreneur philanthropists innovate with new ideas and concepts to solve social problems or improve the community and environment by addressing the root cause of problems.

The average household donation of an entrepreneur is more than four times that of a non-entrepreneur, according to a new report released by Fidelity Charitable.

So, a philanthropist is someone who cares for someone’s needs instead of their own.

Harbinger of Change:

As an entrepreneur, one often has to bring in changes of all sorts. From changing the traditional method of doing business to experimenting with new financial models to even bringing in a new skillset into the industry. Hence, they become not only change makers but also harbinger of progress.

National Income:

The entire business community contributes to the national income, hence, bringing stability and growth to the national economy

Infrastructural Growth:

Starting up businesses often leads to the development of transport and communication networks, driven by the need for infrastructure created by these businesses. Companies like Keroche and Dominion farms opened up their localities, enabling thriving businesses to take root. Hence, contributing to local and national economic growth by building fertilie environment for new and growing companies to thrive.

Export Promotion:

An entrepreneur has a growth mindset that aims to take its product and services international. Hence, improving our prospects for international trade and exchange and also balancing out the import and export ratio of the country.

Inspiration to Others:

Some of the biggest inspirations for the children of our nation have been businessmen like Ratan Tata, GD Birla etc. They have not only inspired the business community but also have been looked up to for their philanthropic efforts, innovation, character and leadership qualities.

Improved Standard of Living:

Once an entrepreneur establishes a profitable establishment, then everyone connected to the venture flourishes too – whether it’s the surroundings and area of business, the people and vendors, the end customer, the investors and themselves. Hence, improving the standard of living collectively.

Social Worker:

It won’t be an understatement to call an entrepreneur a Social Worker. Afterall, they do provide employment and business opportunities to many, put their customers’ needs first and focus on bringing innovative solutions to the industry they are working in. Profit for oneself, comes at the end after paying its employees, vendors and all other associates.

An entrepreneur contributes greatly in elevating the standard of living and growth of economy of a nation through their various endeavors as we have seen above. Growing economies of USA, Japan and Germany are a testimony to that. These developed countries saw a strong entrepreneurial growth that contributed greatly to their economic stature. However, entrepreneurship cannot change things overnight. And certainly not without the support of the other factors at play.

Hence, it feels amazing to see how our government policies, our society and even our education institutions have now aligned themselves to the growing start-up culture. It has helped create an ecosystem that supports budding entrepreneur and provides the necessary cushion in order for them to take risks and bring in a better and efficient system.

Here’s to a future built by passionate entrepreneurs. Cheers!