The Importance of Entrepreneurship in Today's Society
Description: From driving social change into shaping the way we live and connect, the importance of entrepreneurship is highly recognized. Explore how it advanced society.
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If there’s any cult in the modern business world that really facilitates you to work on your passion, that is entrepreneurship. Not only it helps to bring your fresh ideas into the market, but it also drives impact for many lives. The importance of entrepreneurship is beyond the surface as it penetrates into the whole society.
Did you know that most of the industry players started as a small enterprise in the beginning? Yes, the determinant key is in taking the first step and keep growing. Here are some of the critical reasons why entrepreneurship must be taken into account as its importance is even more significant than it seems.
Entrepreneurship Increased the Employment Rate
During their new endeavors, all the entrepreneurs highly need to hire talents both for entry-levels and professionals. All the highly potential human capital that may not be absorbed well unless entrepreneurship happens. No wonder governments see the growth of entrepreneurship as a solution to boost the employment rate.
Furthermore, entrepreneurship does solve the employment issues among the disabled community. It enables them to join the workforce as they get the training they need. As a good example, the benefits of entrepreneurship happening in Indonesia with ThisAble Enterprise run by a female CEO, Angkie Yudistia.
Entrepreneurship Brings Innovation
Through research and development, entrepreneurship closes the gap between the lack of product and society’s demand. It even makes the old technology no longer relevant and brings up the new one. Can you remember the era before the internet when you made those sweet efforts to send your Christmas card through the post?
As an incubator of innovation, the role of social entrepreneurs is mainly in the crafting of a more carefree future life. Not only that, but they also make it happens and reducing our daily stress in a significant way. Thanks to entrepreneurship in IT, now we can order meals in a minute without stepping out of our room.
Entrepreneurship Welcomes Disadvantages People
With greater economic freedom comes the “pay-it-forward concept” that enables an entrepreneur to work for a social cause. Here’s why many entrepreneurs started their business along with their distinctive social mission. Be it empowering indigenous people, women of color, or even young adults with an invisible illness.
Another good practice of entrepreneurship and society comes from the late Leila Janah, the American businesswoman who established Samasource. She hired people in impoverished areas and trained them on artificial intelligence to become a competent worker in the digital age. Impressing, isn’t it?
Entrepreneurship Creates Prosperity
Through innovative goods and services, entrepreneurship does add income to a country’s GDP. Along with the opening of a new market comes the opportunity and also higher earnings. As much as the purpose of entrepreneurship drives a social change, it helps to create a prosperous and wealthy community.
However, the government needs to establish a fair regulation, so the competition stays healthy and even boosting more impactful collaboration.
Do you think that you have that entrepreneurial instinct to shape the world into a better place? No need to wait because the best time to work on your ideas is now. Hopefully, this article can give you useful insight into the importance of entrepreneurship in our society today.