Without capable entrepreneurs and strong entrepreneurship, no country in the world can expect a better standard of living and larger economic growth. Whether you are a small business owner or a startup founder, you probably think that your work is naturally oriented towards your own business needs and meant to provide solely for your family and yourself. However, that is not quite the case. Your work is far more important, for your community, region, state, and the entire country. Simply put, the roles of entrepreneurship do not cover only your needs, but also those around you too.
Nowadays, we, as global citizens, have a much greater responsibility than ever before. An entrepreneur must go deeper than just serving their own needs. Instead, they must consider the needs of others and work towards fulfilling them.
Roles of entrepreneurship
Nurturing the youths
Experienced entrepreneurs must use their experience and skill to nurture the youths with key entrepreneurial values such as perseverance, passion, integrity, innovation, as well as social responsibility. With these values, we can nurture an entire generation, one that will focus on succeeding, sharing, and giving. We can teach the youths how to deal with failures, spot lucrative opportunities, overcome barriers, and become successful citizens of the country and the worlds. They will not focus on emphasizing problems. Instead, they will focus on creating solutions and improving the society in general.
Teaching the skills
Aside from instilling the values, entrepreneurs can also help the youths acquire all the necessary skills, which will allow them to succeed on their own. Key skills such as financial literacy, relationships management, communications, and computer literacy are just some of the most important ones. New members of the society will be able to use those skills to break the poverty cycle, move forward, and make sure those around them live better lives.
Enhancing regional development
It is no secret that many governments around the world encourage the decentralized development of industries, given how the majority of incentives are granted to industrial opportunities in rural and underdeveloped areas. Therefore, to benefit from these incentives, many entrepreneurs opt to establish their businesses in these areas. By doing that, they effectively bring balanced regional development, and with that, remove obvious regional disparities. Furthermore, they also greatly aid in reducing the problems of pollution, sanitation, slums, and congestion in large cities too.
These days, one of the biggest problems of developing countries are high unemployment rates. By starting a new business or expanding the existing one, an entrepreneur will employ new people to manage their new business needs and activities. This way, they will provide plenty of new employment opportunities to those without a job. By doing that, they will effectively remove the unemployment problem and give a substantial boost to the country’s economy.
Stronger formation of capital
No country in the world can attain strong economic development unless there are a greater number of businesses and investments. By establishing new enterprises, entrepreneurs can effectively channel the savings of the public and their savings into more productive resources. This, in turn, leads to a better flow of capital and its enhanced formation as well.
Last, but not least, entrepreneurs can greatly help in reducing the pressure on the country’s balance of payment through foreign exports. Establishing stronger international relations will bring valuable foreign exchange, which will strengthen the country’s capability to deal with its financial challenges.