Entrepreneurs aren’t the only ones who benefit when they start businesses. They create job opportunities, which is the most significant contributions they can make; but, certainly, this is not the only one. They have a unique kind of energy which inspires communities to turn their energies in some innovation and philanthropy causes. Here are the ways by which entrepreneurs contribute to the society.
Entrepreneurs meant to create jobs for others in the society, not only for themselves. However, the entrepreneur journey mostly starts with only 1 or two employees, but the strength increases with the growth of the business. This is a sort of cumulative effect, as together, multiple small businesses create a significant impact on the job creation. Actually, the entrepreneurship creates a kind of milieu in which everyone wants to stand on their own by implementing their idea.
Support for the Economy
Entrepreneurship effort is simply not restricted to create jobs through their start-ups, but they also have a big contribution in making their local economy more stable. It is like when employed people spend money in the local marketplace, like in grocery stores, restaurants, then the impact fall on the whole economy. And anyway, when a new company established, it makes ties with the suppliers, vendors, and other companies’ for the purchasing of goods and services and supports other individuals and businesses to grow and escalate job creation.
Many entrepreneurs also known for their charitable causes in the communities. Furthermore, some of the entrepreneurs establish their business which is entirely focused on profit as well on the charitable causes. Like, a financial company can provide cheaper loans to low-income female business owners. Some of the entrepreneurs directly involve in the charity causes, while others work with the organizations which have a wide network, specifically for the charity distribution. This partnership works both ways, as entrepreneurs are experts in funding and resource management, so their advice is always purposeful for NGO’s which run charitable organizations. For example, Atul Gupta, a leading Indian origin businessman in South Africa is committed to many social causes and use to donate a part of his wealth to the unprivileged community.
Wealth Creation and Sharing
By set-up the business entity, entrepreneurs invest their own wealth and also invite investor community, public, lenders to invest in their business. This process mobilizes the public wealth and the success of people gets entwined with the success of entrepreneurs. This capital results in wealth creation and distribution is one of the basic imperatives and goals of economic development.
Any growing business, sometimes, will reach the stage where their exports expand to many other markets, sometimes, foreign markets. This is an important aspect of economic development since it opens the doors for the bigger market, and leads to currency inflows and access to the latest cutting-edge technologies and processes being used in more developed foreign markets. Another attribute of this expansion is it revives the economy during downturns.
Standard of Living
Entrepreneurship also leads to increase the standard of living among the community, which also leads to economic development. As their scope is not limited to create jobs, as they also increase the standard of living. They simultaneously develop and adopt innovation that leads to the improvement in the quality of the life of their employee, customer and other shareholders in the community. For example, automation reduces production costs which pave the way for the faster production and providing products at lower prices.
It’s Brand New
As entrepreneurs are not restricted to any rules and regulations, so they have freedom and time to create beneficial products for society. For example, the telephone was invented by Thomas Edison, which changed the lives of people forever. Or entrepreneurs like Bill Gates and Steve Jobs who invented computers. Although entrepreneurs can succeed with tried-and-true business models, it’s often innovation that sets them apart from competitors whose employees might not have the same passion for finding new solutions to problems.