Entrepreneurs are perceived as national assets to be refined, motivated, and reimbursed to the greatest possible extent—they can change how we live and work. If their entrepreneurial moves succeed, their revolutions may improve living standards. According to Jeremiah Yancy, entrepreneurship plays an essential role in society as it goes beyond the business world. With many importance of entrepreneurship, here is how it positively influences economic development and society.
Increases competition and boost productivity
Entrepreneurial activities will always pose challenges to the existing business world. Entrepreneurs often enter the market with lower prices and greater product variety, which in turn cause existing markets to reassess their operations, lower costs, increase their value, and become more efficient. Increased competition benefits firms and individuals who source methods to improve their operations.
Promote Social Changes
Entrepreneurship breaks the culture of dependency on obsolete methods, systems, and technologies.
It promotes the use of new technologies and systems that ultimately bring changes to society. These changes lead to an improved lifestyle, generous thinking, better morale, and higher economic choice. Social changes gradually impact national and global changes.
Entrepreneurs create new businesses and markets.
The world’s constant changes influence individual demand, giving entrepreneurs a niche to start a new market. If markets are saturated, entrepreneurs will seek new ones for their products and services. It will positively impact the economy, leading to extremely new industries that become the engines of future growth.
Introduction of innovative technologies
Most individuals opt for entrepreneurship to provide niche solutions or use their creativity, technological knowledge, or finances to generate income. Innovative ideas are the driving factors for entrepreneurs, resulting in great economic contributions.
It contributes to national income.
Once entrepreneurs create new products or services, it will result in new wealth from the new markets. Additionally, the additional income boosts national income— the form of government spending and tax revenue, resulting in investment in struggling sectors and human capital.
Entrepreneurs often nurture entrepreneurial ventures from other like-minded individuals. They provide financial support to local charities and invest in community projects, which enables further development beyond their ventures.
Supporting and promoting entrepreneurship will positively impact the country’s economy and existing businesses. As one of the highly experienced and successful entrepreneurs, Jeremiah Yancy has greatly contributed to business growth and society. He also supports innovation and new tech to influence the changes in society through business.