Today we are going to be looking at the top 16 benefits and importance of entrepreneurship but first let us define the word “Entrepreneurship”
What is Entrepreneurship?
Entrepreneurship is the dynamic process of creating incremental wealth and innovating things of value that have a bearing on the welfare of an entrepreneur.
It providescivilization with an enormous amount of goods and services andenhances the growth of social welfare.
Now the big question is: Why do people become self-employed?
Well since even being an entrepreneur is not always easy as there are so many challenges to overcome, from finding the right business idea to getting the capital/loan to reaching the right target market, among other things.
However, some people choose self-employment to bring to life their visions and ideas.
Meanwhile, others doit for the potentially higher income. Still, others do it becausethey know they are meant to be an entrepreneur.
The main importance ofentrepreneurship is the creation of job opportunities, innovation,and improve the economy.
Theman or woman behind the entrepreneurship is an action-oriented andhighly motivated individual who is ready to achieve his or her goalsin life.
1. The Freedom to Pursue your Own Vision
Imagine you havingyour own view of the world, and entrepreneurship is surely the onlyavenue where you can pursue that view and see the fruition of yourvision.
Self-employment allows you to do your own thing, at your own free will and pursue those areas that you feel passionate about.
2. The Control andFlexibility you have over your own time
As your own boss, youwork when you want to work; and stop if you want to stop. You cantailor your work according to your lifestyle and accommodate varioustasks.
You can work inhowever way you please in your singlets, with the TV loudly blaringwithout getting a memo from the personnel department.
Self-employment meansfreedom from rules……. Smiles!
3. Entrepreneurship Promotes Creation of Job Opportunities
Entrepreneurship firmscontributed a large share of new jobs. It provides entry-level jobsso necessary fur training or gaining experience for unskilledworkers.
The small enterprisesare the only sector that generates a large portion of totalemployment every year.
Moreover,entrepreneurial ventures prepare and supply experienced labor tolarge industries.
4. The Opportunity to Learn and Gain Knowledge
The entrepreneur oftenwears many hats like the strategic planner, the marketer, thecustomer service rep, and the sales rep, even the bookkeeper.
There are a millionthings you probably didn’t know before you started the businessthat you are now forced to learn and gaining all this knowledgeenriches you as a person.
5. Entrepreneurship gives you The Chance to Share your Learning
At the end of the day,you can have the chance to teach and share with others the things youhave learned as an entrepreneur.
Sharing what youlearned can be your way of giving back to the community as it cantake the form of mentoring other would-be entrepreneurs, writing abook so others may see how you did it, or even talking about yourexperiences.
There is so muchpleasure in giving, and entrepreneurship gives you a life full ofrich experiences.
6. The Challenges of Self-Employment
Entrepreneurs face tremendous challenges and experience incredible joys when these challenges are overcame. If you crave excitement, become an entrepreneur.
One moment, the local newspaper is featuring you; and the next, you are losing your biggest customer.
The collapse of thelarge industry almost has irresistible damage to the development ofthe state and the state of the economy and the financial condition ofthe relevant persons.
The incumbents losttheir jobs: suppliers and financial institutions face a crisis ofrecovery.
Customers are deprivedof goods, services, and government losses taxes. This could nothappen in the case of failure of entrepreneurship.
There shall be nomeasurable effect upon the economy and no political repercussionstoo.
Therefore there’snever a dull moment in self-employment.
7. The confidence you gain in knowing that you can do it
Entrepreneurship is tough. There will be moments where you will question yourself, or your decisions into going into the business.
Sometimes, you’d even think that you couldn’t do it when the obstacles seem insurmountable. But once you succeed and overcome the challenges, you gain renewed confidence and respect for yourself that you can do it.
8. The sense of pride and fulfillment in accomplishing things
As an entrepreneur,you make things happen. You create a vision, lay out the plans tobring the plan to fruition and pursue the steps needed to make thebusiness a success.
Doing all these thingscan give you an incredible feeling of pride and joy seeing yourwebsite used by people, finding your products in the departmentstore, getting compliments from customers on how your business hashelped them, and being written about by the media.
In many respects, yourbusiness is your baby, and nurturing it and seeing it grow can giveany parents a sense of fulfillment.
9. Entrepreneurship Impacts on Community Development
A community is betteroff if its employment base is diversified among many smallentrepreneurial firms.
It promotes abundant retail facilities, a higher level of home ownership, fewer slums, better, sanitation standards and higher expenditure on education, recreation, and religious activities.
Thus, entrepreneurshipleads to more stability and a higher quality of community life.
10. Entrepreneurship Promotes Research and Development
Let’s say Entrepreneurship is literally the incubation of innovation and Innovation creates disequilibria in the present state of order.
It goes beyonddiscovery and does implementation and commercialization, ofinnovations.
“Leapfrog”innovation, research, and development are being contributed byentrepreneurship.
Entrepreneurshipinvolves innovation and hence the innovated ideas of goods andservices have to be tested by experimentation.
Therefore,entrepreneurship provides funds for research and development withuniversities and research institutions. This promotes the generaldevelopment, research, and development in the economy.
Entrepreneurship isthe pioneering zeal that provides events in our civilization.
We are indebted to itfor having prosperity in every arena of human life- economic,technological and cultural.
The above discussion,in a nutshell, enumerates that tremendous’ contributions ofentrepreneurship.
Thus, entrepreneurshipnurses innovation that provides new ventures, products, technology,market, quality of good, etc. to the economy that increases GrossDomestic Products and standard of living of the people.
11. Potential Earnings exceed a Salaried Employee
As an employee, nomatter how hard you work, the financial remuneration you receive islimited to your salary and an occasional bonus.
As a self-employedperson, you can earn so much more if you hit the right business ideaand execute the business well.
The potentialfinancial windfall is so much higher as an entrepreneur rather than acorporate person.
12. Each New Day is a Challenge
You never get bored asan entrepreneur: every day brings a new challenge, new tasks and newdiscoveries. You set your pace and you can go fast if you choose orslow down if you feel like it.
13. Business owner reaps the full rewards
You are the business;anything the business gains is yours. If you are an employee in thecorporate world, your bosses may even claim your success as theirs!If you are working for others, you are only a cog in the wholemachine
14. Political and Economic Integration of Outsiders
Entrepreneurship isthe most effective way of integrating those who feel disposed of andalienated into the economy.
Minorities, migrants,and women are safely integrated into entrepreneurship that will helpto develop a well-composed plural society.
15. Spawns Entrepreneurship
Entrepreneurship isthe nursing ground for new inexperienced adventurists.
It is the field wherea person can start his/her idea of the venture, which may be ended upin a giant enterprise. All the large industrial ventures started as asmall entrepreneurial enterprise.
Therefore, entrepreneurship provides a wide spectrum of ventures and entrepreneurs in every economy. The vast open arena of entrepreneurship thus acts as an incubator to entrepreneurs.
16. Enhances the Standard of Living
The standard of livingis a concept built on an increase in the amount of consumption of avariety of goods and services over a particular period by ahousehold.
So it depends on theavailability of diversified products in the market. Entrepreneurshipprovides enormous kinds of a product of various natures by theirinnovation.
Besides, it increasesthe income of the people who are employed in entrepreneurialenterprises.
That also capable employed persons to consume more goods and services. In effect, entrepreneurship enhances the standard of living of the people of a country.