Entrepreneurship is a key to the national development and solution of many problems. The process of Entrepreneurship is like planting a new tree. An entrepreneur is like a tree. A tree provides filtered air for humans, fruits for kids, grass for animals, home for birds and wood for the farmer.
Entrepreneurship brings a new solution to old human problems, entrepreneurship provide jobs for skilled people, entrepreneurship increase demand in the market, it brings competition to produce top quality products and services, it is a source of income for government and influence society with leadership skills. Entrepreneurship is the results of self-confidence, skills, and desire to become rich, creativity, imagination, and innovation.
What is an entrepreneur?
According to me, the entrepreneur is an individual who likes freedom, flexibility, and wealth in his/her life. The entrepreneur builds a new solution, the entrepreneur looks for new opportunities, they fight with old ritual and tradition. A True entrepreneur not only thinks about money but also think about the development of nature, birds, animals, people, clean water, more plants & tree and natural resources.
They first work on their own abilities, they believe in their beliefs, they learn, they work hard and then they create and build something that provides them the freedom to do the things they dreamed when they are a kid. It provides flexibility to choose own working hours and wealth etc. are the reasons behind entrepreneurship so they can full fill their daily life needs and desires.
And when they controlled their life and then their success start influencing others to follow the same root. And I think an entrepreneur can teach better, how to become entrepreneurs. A teacher can teach you skills. A rich can teach you how to become rich. A wealthy person can teach you how to become wealthy in life. But all rich people, entrepreneurs, wealthy are not our teachers in schools and education system. Else they teach society with their YouTube videos, quotes, books, and seminar and share their experiences. But we have teachers, who have great skills and expertise in a particular subject like commerce, accounts, chemistry and computer programming etc. but not all teachers are rich, wealthy and have freedom and flexibility. You will get the answer at the end of this article. But before that let’s understand why entrepreneurship is really important in modern world.
Detailed Explanation, Why entrepreneurship is important?
Why entrepreneurship is important in the modern world?
1. The importance of entrepreneurship in developing countries: – We need more jobs for fresh graduates and degree holders. Entrepreneurs starting a new business they need highly skilled people for jobs. They are selecting skilled people. Else, if there is no entrepreneur then there is no business. And no jobs for people that’s why entrepreneurship is important.
We need high-quality products and services at lower prices due to the higher inflation rate. When new entrepreneurs come they bring new ideas to the market. They create new solutions to old problems, that’s why entrepreneurship is important.
They create perfect competition in the market. Due to perfect competition in the market consumer get high-quality products and services at lower prices. And due to lower prices, middle-level families can save more money, when they save more money; banks become able to provide loan facilities. When people get loans they invest that money again in the market for goods and services. Then services and goods providers get profit, develop new products, market new idea and hire new people.
2. An importance of entrepreneurship in society: – When they become successful they inspire social development. They spend part of their income in the development of education of poor children. They invest in growing natural resources. They inspire young people to become responsible for their duty towards the nation. They participate in government initiatives in educational and national development directly or indirectly. That’s why entrepreneurship is important. But not all do care about nature and national development.
3. An importance of entrepreneurship in economic development: – Entrepreneurship is a source of income for the government. Entrepreneurs small and big all pay GST to the government. If there is no tax and then there is no government. The government is for balance but it’s the responsibility of governments that they spend the tax collection on the development of entrepreneurship and people, not to on their own luxuries. If they do it in right way, so they will get more money in tax if they provide facilities such as good roads, transportation, water, land, labor and electricity facilities for entrepreneurs and especially entrepreneurship education. They will get more money inside the government funds.
Entrepreneurship increases the demand for goods and services. When they start they need infrastructure to run a business. Such as when a startup starts a business they need a computer, internet connection, a website for business, SEO services, marketing services, they need furniture for office, they open a current account, they invest in shares and bond, they buy various other government and nongovernment services. And in return government and others, entrepreneurs get profits. That’s why entrepreneurship is important for the development of the country.
4. The importance of entrepreneurship to the individual: – Entrepreneurship is important for an individual to become rich in life. Entrepreneurship is important for financial freedom and wealth. Today, you can see people working for companies and doing their jobs. That’ great, but I don’t think all have the freedom to choose their working and family hours. They have fix routine. They have fix income, and most part of their income is invested on liabilities. Such individuals are very talented but they are working hard for banks to pay installment or interest, room owners to pay rent, governments to pay tax. They are spending and using their skills for others and working for money. If they start their own business, then they can achieve more in less time, even if they do or run part-time online business, they can increase their income.
But entrepreneurship is a challenge in which we all have to tackle thousands of business and personal problems with our skills and abilities. And the reward is awesome in which you get more money, you get more time for family, you can do whatever you want to do in life.
5. The importance of entrepreneurship education: – I think with marketing education, financial education, entrepreneurship education is really important for graduates and senior secondary school students. If they learn about marketing then in future they can market their skills and knowledge and will get good jobs. If they learn about finance and money in college then they can spend wisely and save more. Their savings can help them in future to start a business or to allow money to bring new money. And if they learn Entrepreneurship they will learn how to take responsibility, why to take responsibility for their own success and happiness in life and in the national development. And also they learn how to help others with your talent, skills, and products.
But the case is different; people want to become politicians instead of entrepreneurs. And that’s because everywhere, all we are talking about politicians and politics, we do not have time to talk about entrepreneurship and national development. And also the corruption in politics influencing college students, to participate with the crowd and get some money, by approaching politicians and anti –national activities. But let it be! Just think about good students and who they have a dreams, hopes and ready to explore innovation in the country.
But why, most of the people or fresh graduates, degree holders look for jobs and not for entrepreneurship?
I think it’s because they are looking for financial stability. They don’t want to take the risk. They educated to become very good employee’s not great leader or entrepreneurs. They are educated how to get jobs. But the real reasons are most of institutions and colleges are providing theoretical knowledge. Those theories are based on old economic conditions. Another reason is that our MBA lecturers or professor are not running any business nor have no clue about current HR and Business Management and how to grow the business. Then how can they teach others to become great HR or manager? I know they are very good in whatever they teach, but why then surveys are saying that 60-70% students are not applicable for jobs. And for me, the answer is simple, let’s see in this example.
- Our economics teachers told students buy the books for ABC economist. But our current teachers do not have any written book, and they are not teaching from their theories, they are not teaching what is happening in the current situation based on their experiences.
- Lecturers in BCA, MCA do not have their own websites; they do not have that many followers and likes. They are not getting on top 10 Google search results. Then how can they teach practical skills?
But it’s not their fault and I am not criticizing any teachers that they are the reason behind the unemployment rate. Teachers are God for me and I still miss my great school teachers today. And I always want to learn from them, not to pass the exam but for creativity and imagination they bring in the mind of students.
Today’s students are little different, they do not have critical skills, they think there is a box, their creativity is not coming from books and imaginative lectures, but that is coming from Google, Facebook and WhatsApp and I don’t think that is a way of entrepreneurship education.
What is the solution?
I think the solution is to allow students and teachers to participate in the current economic, financial, social and political problems. This will happen if our political leaders or leaders in the position take the time to think about the practical education and allow SME educator to train people and students for world class practical education.
Following are practical solutions (Example):-
- When PMO or President is taking a meeting of a cabinet minister, then allow that 100+ students for a day with their class teachers, to sit there and listen how the agenda and policies are activated by the minister and IAS officers. After that session, next day in schools, students can ask a question to that teacher (Political Science teacher), then it is great position and situation for a teacher to explore the old and new concept in the mind of students.
- Another example, when MBA lecturer or HR class teacher will visit any SME or corporate office, and sit there for watching the ongoing operation in HR department. Then students can see what is happening in real world, then they can ask question and teachers can prepare students for future.
- Similarly, if a teacher can visit any startup or SME or home based business owners, with his/her students to show them how things work, how entrepreneurship works, how they manage time, how they make a profit, how they help people, it will inspire students and teach them various lessons. This is practical education.
I hope you got my points.
That’s why entrepreneurs are like trees, even if they are not providing fruits, they are providing shade. They show you ways to solve a problem. And they have a solution because they are an entrepreneur. So, support entrepreneurship and be the change you want to see in this world.
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