the idea and execute it. Entrepreneurship is about execution of ideas.
Society-:Society can be described as an aggregate of people living together in a community or basically a situation of being in the company of others. The persons that comprise a population associate for various engagements including business.
Entrepreneurship and Society-:
Entrepreneur provides goods and services needed by the society – An entrepreneur always sees money in people, places and products. One of the major attributes of an entrepreneur is that they have to have a keen eye for opportunities in the society. They will identify a gap and innovatively come up with products or services to cover that gap. Filling this gap enables the society to function.Society provides mentorship for young entrepreneurs – Other established entrepreneurs are part of the society. These have provide a source of mentorship for the entrepreneurs. Those who are experienced and have successfully managed to establish their business ventures can provide guidance and support to the new and aspiring entrepreneurs.
Why entrepreneurs are important in society.-:
Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves. 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. Thus, lowering unemployment rates while helping people feed their families.
Entrepreneurs innovate: Some of the greatest technologies in today’s society have come from businesses. The technological advances come out of a need to solve a problem, create efficiencies, or improve the world. Thus, in periods where there’s more advancement in technology, it’s usually due to the work of an entrepreneur.
Entrepreneurs create change: Entrepreneurs dream big so naturally some of their ideas will make worldwide change. They might create a new product that solves a burning problem or take on the challenge to explore something never explored before. Many believe in improving the world with their products, ideas or businesses.
Entrepreneurs give to society: While some have this notion of the rich being evil and greedy, they often do more for the greater good than the average person. They make more money and thus pay more in taxes which helps fund social services. Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes. Some seek to invest their money in creating solutions to help poorer communities have access to things we take for granted like clean drinking water and good health care.
Entrepreneurs add to national income: Entrepreneurship generates new wealth in an economy. New ideas and improved products or services from entrepreneurs allow for the growth of new markets and new wealth to be created in an economy. Adding to that, increased level of employment and earnings add to the national income.
Entrepreneurship decreases poverty: In the spirit of sharing good news, more people are being pulled out of poverty today than ever before. This is likely due to globalization. Being able to connect to millions and billions of people on the internet allows new entrepreneurs to find customers around the world. So, those who want to make money online are able to do so to get out of poverty.
Entrepreneurship and Economy-:
Entrepreneurship plays an influential role in the economic growth and standard of living of the country. As a startup founder or small business owner, you may think that you are simply working hard to build your own business and provide for yourself and your family. But you are actually doing a whole lot more for your local community, state, region, and the country as a whole.
1. Wealth Creation and Sharing: By establishing the business entity, entrepreneurs invest their own resources and attract capital (in the form of debt, equity, etc.) from investors, lenders and the public. This mobilizes public wealth and allows people to benefit from the success of entrepreneurs and growing businesses. This kind 