It has never been this easier for entrepreneurs to set up their businesses and provide their unique services in the marketplace. Equipped with high motivation, innovative ideas and business spirit, many used-to-be employees, are breaking up traditional ties and starting their journey of entrepreneurship like Sukanto Tanoto Singapore, based businessman. So. what is the importance of entrepreneurship in our modern society?
Importance of Entrepreneurship in modern society
The Emergence of New Social Trends
Our world is rapidly changing, and so our needs and trends are. Therefore, such a rapid change wouldn’t have happened without the intervention and emergence of skilled and motivated entrepreneurs who keep up with the fast pace at which our world is evolving. Entrepreneurs start up new businesses and come up with innovative ideas and products to facilitate our life. We have now the emergence of online shopping as an example; it has never been possible for people to enjoy the comfort of running errands while drinking a hot coffee by their home fireplace.
The Emergence of New Businesses
Entrepreneurship plays a major role in creating and expanding new businesses. If we take for example Information Technology and we try to brainstorm some of its new related businesses, we find, for instance, web creation and web design with all of its subcategories. Video production, it’s now a new trend for people and companies to broadcast their message through videos, people have become visually oriented, more watching, less reading.
New Job Opportunities
It goes without saying that entrepreneurship helps provide people with job opportunities. It’s only logical that entrepreneurs expand their businesses and therefore need more employees to help during the process. Therefore, new job requirements emerge, new training, new certifications, new skills, which all boils down to new attractive open positions.
More National Income
Every business owner truly believes that nothing lasts forever, in other words, there is a point in each product or service’s life cycle during which change is inevitable. That’s why many businesses go bankrupt, they don’t innovate and follow the new trends. Entrepreneurs, on the other hand, are the creators of these new trends. Entrepreneurs help businesses broaden and follow business trends through their innovative ideas. Therefore, when we talk about raising and expanding businesses and markets, we automatically refer to more generated revenue and income.
Serving Community Purposes
Entrepreneurship does not only help economics, but it also has a social, non-profit side. Entrepreneurs from different areas devote an amount of their energy and money into serving poor areas and helping struggling people. The majority of contractors serve their communities through various programs and aids that promote the development and betterment of society.