How does entrepreneurship affect the society and economy?

How does entrepreneurship affect the society and economy?

Jul 06, 2018 Business, Case Studies, Development, Entrepreneur

An entrepreneur sows a strong idea to see it flourish into a fulfilling tree. While an entrepreneur or even the customer may believe that a new venture is only for personal profit, everyone knows there is a lot more to it.

A lot more than is visible and a lot more than one expects! With entrepreneurship, certain aspects always stay unclear, as to how does it affect our society, community and economy as a whole.

The businessman who begins an enterprise is ambitious and works for his goals. Knowingly or unknowingly, this entrepreneur also helps everyone around him.

To make things clear here is how he contributes:

  • Creates & Innovates
  • Increased national income
  • Regional development
  • Job Opportunities

Creates & Innovates- Research, discovery and solution. Entrepreneurship combines these three aspects and creates something. This creation may or may not be an innovation but it is a product or service that comes with a set of features. Entrepreneurship implements the creative thought of a businessman and works for its progress. This leads to more products in the market, so we have an increase in the GDP, an enhanced standard of living and satisfied customers. And most importantly innovation reaches its customers.

Increased national income- Every enterprise big or small makes use of land, labour and capital. Goods are produced in enterprises and sold in the market. Money is circulated to several places. Each factor here that comes together to form an enterprise, contributes to the national income. So yes, a new venture leads to an increase in the per capita income.

Job Opportunities- By nature an entrepreneur is that individual who is definitely not a job seeker. He isn't a job seeker and in turn employs a bunch of job seekers. A new venture is certainly a promising space for new job opportunities. This reduces unemployment, human labour is put to use and is a win win for both job seekers and the enterprise.

Regional development- Entrepreneurs who start business units in backward regions of the country are the heroes of regional development. Ideas, services and innovation offered there is for the greater good of that remote region as well for the development for the country as a whole.

Entrepreneurship comes with great responsibility, power and challenges. Breaking through all the tough parts, entrepreneurs have so much to offer to the society. So let's embrace these heroes and encourage many entrepreneurs who work for a positive change!

Pramod Mehta In a career spanning for over 2 decades, I have mastered several skills. Being resilient, managing tasks, multi-tasking and consulting are my forte. Years of being a Chartered Accountant has endowed me the skill sets of being an entrepreneur. Applying my learning, with utmost diligence to every task I adopt is natural to me. I am also the founder of iShoutnow Technologies Pvt. Ltd, ( which is an application that lets customers discover real-time deals, discounts and offers available around them. It also lets merchants shout out their offers to customers! It is an open platform for relevant, timely and geographically local information. The application is simple, user-friendly and also offers a Do-It-Yourself method for creating adverts. With the zeal to make a difference, I believe a brilliant idea and the power of internet can enrich human life.