The term “Entrepreneur” seems to be in all genres of industries and has vividly different backgrounds. Some work tirelessly on a product that they believe in while others build personal brands.
Anyone can convert entrepreneurship into a functional business as many people refer to it as “innovation”, “passionate”, “trailblazing”, “problem-solving” and much more. These are the traits that entrepreneurs look for.
According to Harvard University, “The pursuit of opportunity beyond controlled resources” is entrepreneurship. The basic definition can be – someone who spots a need and risk financially to satisfy that need is ‘Entrepreneurship’. An entrepreneur fulfills demands with unending efforts. His/her purpose is to bring a cheaper and innovative product or service to life.
Entrepreneurs are versatile and the Global Entrepreneurship Monitor report states that 100+ million businesses are launched each year which means 3 new businesses per second worth 11000 per hour.
Basic Attributes of an Entrepreneur
- An inside out understanding of Accounting & Financial Statements
- Right investment plan
- An insight into market dynamics
- Knowledge of The law.
A shift in the global market has paved new paths for entrepreneurship to become more mainstream. Gigging is a kind of contract work that is getting more famous and acquiring more of the labor market. This has made it financially more convenient to search for people to get their business running without hiring long-term employees.
Anyone who has the guts to start a new company and handles all the risks that go along with it can become an entrepreneur. There are many reasons why people choose to become entrepreneurs, however, there are some motivators that almost half of the Entrepreneurs state are the major factors in their decision to start a business.
Why is the Inclination towards Entrepreneurship Rising?
The most structural component of any nation’s population is the youth. They are the brain of the nation who brings out the amendments a country seeks to make through changing times. It is artistic, dynamic, energetic, enthusiastic, and innovative which comprises most of the population.
One idea can change the way a nation thinks and functions and can also change its identity. Even though not fully explored, a major part of the youth population is motivated by entrepreneurship and deemed as an easier and more reliable career option compared to any other paid employment. It has also become a new way to gain what one might be capable of. The desire of being one’s boss also makes it the perfect choice for individuals.
Today’s youth is much more aspiring and entrepreneurial than it used to be years ago. The nation is witnessing a youth-driven growth that is idealized by strategies and ideas emanating out of young creative minds. It acts as a process of molding ideas into opportunities and utilizing them into practical ventures via their management, mentoring, awareness, and plan building skills.
Even though there are many challenges and sacrifices, it can be both financially and personally rewarding. There may be a lucrative annual income that the youth founder or CEO of a startup can earn containing dividends and salary.
Importance of Entrepreneurship today
Someone ready to explore new soil and take risks facing all the problems in the expectation of getting rewarded is an entrepreneur. It is a key factor of affluence, economic growth, and success. In terms of self-recognition, the merits of this include economic and social growth and individual satisfaction. Entrepreneurs are also considered to be assets to be cultivated rewarded and motivated highly. Hence, entrepreneurship is quite important to us for multiple reasons straight from driving innovation to promoting social change!
1. Innovative Brains
Creativity is the stepping stone for innovation, which is the cornerstone for entrepreneurship. It is quite a discipline-centric approach to creativity. Innovation is a particular tool that helps entrepreneurs to consider the changes as opportunities for a different service or a business. Innovative ideas will allow making you stand apart from the others in this competitive world. It does not mean building something unique but improving and changing something that already exists.
Entrepreneurship and innovation are quite closely linked. However, to spot the exact relationship between them can be quite complicated. Innovation is quite messy and frightening from time to time. Innovation is always trying to find new ways to solve the problem.
2. Employment opportunities
Entrepreneurs are the source of all the new jobs in our country. Small businesses are considered to be the backbone of the economy. They can be considered as job creators in contradiction with job seekers. An ever-growing business will provide opportunities for others and the impact of new start-ups in a certain area will cut a lot of queues at the job center.
Economic benefits can be granted through these because employees will spend money on these goods and services naturally. It also pushes societies forward. It is well accounted for that unemployment is the reason for poverty, crime, and a plethora of physical and mental illnesses.
Various resources with the most valuable of them all – human resources are required to start new ventures. This is quite some contribution that an employer can make to offer the income to an employee who can meet his or her demands.
3. Social Impact
You would wonder quite often as an entrepreneur or a small business owner that your business is making a lot of difference for you and your family. In reality, you are contributing a lot to the region, society, and the country. An entrepreneur can create a good product or service with a massive customer base and business profitability hence is quite a big deal. They have an amazing amount of intelligence innovation, and insight to offer to society.
There is a part of their income that they spend towards helping and educating the poor. They also invest in natural resources. They motivate young people to take responsibility for the country’s welfare in their hands. They also partake in government initiatives in national and educational development.
Entrepreneurs are free from the tradition as they are offering unique goods and services and reducing reliability on discarded technologies and systems. This helps in a refurbished quality of life, integrity, economic freedom, and improved morale.
4. Impacting life overall
An entrepreneur’s experience changes someone quite a lot which ranges from the way you think to the way you act and the way you desire to live your life. Majorly, it is for the betterment and in rare cases for the worse, however, it can change your life as a whole. A newbie founder can prepare by building common entrepreneurial abilities such as determination, tolerance for failure, and grit.
5. Reviving Country’s Economic Ecosystem
New wealth can be triggered through entrepreneurial ventures. Revamped and refurbished products, technology, or services from entrepreneurs leads to the development of new markets and new wealth to be created. An economy can be generally defined as an area of production, trade, and consumption, as well as distribution. Many countries around the world begin to contribute to economic sectors like entrepreneurship, which not only provides them with the opportunity and income but it can also change the development of a certain country especially the ones that are developing.
Change Makers Attitude
It is not just a process of venture release. It is instead, a way of thinking and set of skills that breed the chase of innovation in business, social, and personal contexts. This world now demands everyone to contribute and be the change that can set new benchmarks for the next generation.
Change is the only thing constant for entrepreneurs in life. When a conversation amongst people starts building compassion, there is a certain kind of energy in that room. This energy can be felt clearly when discussions regarding issues that matter to us start heating up.
This transformation is there because the entrepreneurs are changemakers that dramatically makes this world a better place to live.
In addition to having their own business, entrepreneurship plays a crucial role in economic development also. The unconventional and innovative approach towards the business fraternity and country becomes an inseparable aspect of modern society. It makes our lives better, easier, and become a constant source of inspiration for people all over the world. This is what makes entrepreneurship even more important today!
– Mamta Sharma