Thursday, December 31, 2020

What is Entrepreneurship and Why is it Important?

 What is Entrepreneurship and Why is it Important?

If you live in the real world then you might have heard about an entrepreneur and entrepreneurship quite a few times and each time you were intrigued by the term and now you want to know more about what entrepreneurship really is, so let Thesis writing in Lahore explain it to you in detail. 


What is Entrepreneurship? 

The simplest explanation is that entrepreneurship refers to starting a business and the entrepreneur is the one who starts it. Entrepreneurship is about solving issues and transforming societies or bringing a product in the market that is innovative and works well according to the needs of individuals. Entrepreneurship is what enables people to be their own boss and not work upon someone else’s orders.  


Everyone has once in their life thought about establishing a business but not everybody gets a chance to pursue their dreams. Entrepreneurship is challenging and risky because it does not guarantee a profit-generating business and sometimes these ventures die down. 


Entrepreneurship is not for everyone as it not only requires skills but it also requires tons of patience, commitment, and hard work. 

Why is Entrepreneurship important? 

 

1.  Economic development 

The biggest and most important aspect of entrepreneurship is that it contributes generously to the economic cycle of a country.  Entrepreneurship generates investment and investment allows new developments which all eventually leads to economic growth. Entrepreneurship provides employment which means an increased employment rate. This results in better national income because more employment means higher tax revenues and government expenditures. 


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2. Employment 

As mentioned above, entrepreneurship is a leading employment provider. Millions of workers find employment opportunities through different entrepreneurship ventures. Small ventures turn out to be internship and training programs for people and they benefit from this for applying to bigger firms. Start-ups have a big portion of job placements in the market. 

3. Development of a Society

We know that entrepreneurs provide job opportunities and employment thus resulting in a better status of living. It enables a sense of betterment among individuals and increases the use of different goods and services resulting in increased supply and demand which allows other businesses to grow as well as creating economic freedom. 

4. Innovation 

Entrepreneurship is one of the main enablers of innovation in society. Entrepreneurs have always come up with innovative ideas, for instance, Mark Zuckerberg was an entrepreneur and he changed the course of social networking forever. Entrepreneurs have the ability to change and transform the business dynamic and also encourage other people to come up with their own innovative ideas. These business ventures provide solutions for problems that existed for years and help simplify the issues of our daily lives. 


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5. Research and Development

Entrepreneurship drives innovation and where there s is innovation there is research. You can’t possibly innovate something without researching about it and when an innovative product or idea is launched into the market, research opportunities arise. Since the era of social media, millions of researches have been conducted regarding the topic. This way research and development in a country are increased which can further widen the spectrum of innovation. 

6. More Entrepreneurship 

Have you done something just because you were inspired by someone? Entrepreneurs have the ability to inspire younger individuals to carry out their dreams of establishing a successful business venture. Seeing someone’s success encourages people to become successful. More entrepreneurship will have a positive impact on all of the above-mentioned points.


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