importance of entrepreneurship: Entrepreneurship is a key to national development and solution to 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 provides 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 result 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 rituals and traditions. 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.
The 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 of when they are a kid. It provides flexibility to choose their 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 the education systems. 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 the modern world.
Process and Results behind the importance of entrepreneurship:
The rise of Technology is not just a business, but it’s revolutionized the world with the vision of the entrepreneur.
Today, we use Windows or operating systems on computers. It was the vision to expand the power of PC and to make it more useful by using a Graphical user interface. Bill Gates/Steve Jobs works on this vision and they were successful. They created the windows (Today, we’re using Windows 10) operating system and Mac. The results of this that today we have the world’s biggest IT companies Microsoft and Apple. Both of these companies are the most powerful tech companies in the world. They automated the vision of entrepreneurship and problem-solving in product development and in the team.
Similarly, there are thousands of companies and entrepreneurs working with different visions in each field.
For example, Elon Musk with SpaceX is working on the vision and mission to make it possible for people to live on the Moon, Space Tourism, and Multiple planets.
It’s impossible for common men to think like that. But he is doing it and so far he is successful.
I haven’t met with him yet, but what I observed is that he is doing the same thing, that Thomas Edison did to invent the light bulb and that Charles Babbage did to originate the concept of digital or programmable computers.
What is this? It’s entrepreneurship. Think, If they did not do this, then how would our life be today? Obviously different. To understand entrepreneurship and its importance as a layman is that “Entrepreneurship is a force that composed through vision, problem-solving thinking, creativity, efforts, and funds.”
And it’s inside everyone. But in a certain quantity. Some explore, build it and for others, it’s natural to them.
When a farmer, grows crops on the dead field or rough field, it’s entrepreneurship. Entrepreneurship is not just related to the business. Even businesses take birth from entrepreneurship.
But because of the common thinking of society, we all think to earn money, then we think to buy few luxurious things and we start living life as it is. It’s because everything was systemized before our birth for us. It can be wrong or right. But we have to follow. And most of the people in society have a fixed method or concept for life.
But many individuals think about it differently. Their works become a wonder for common people. Societies, governments, and even their own family and friends criticize them for their vision.
It’s because they are not like them (common men). And it becomes uncomfortable for them when you think differently.
Every individual or baby born with a different mindset, creativity, and thinking. The baby wants to do the things that they like. But we as a parent think about their career, education, financial stability, and many other rituals. That’s not bad.
But we have to work to enhance their capability, creativity, and thinking. We have to accept and understand their ideas as per their understanding. If we know more than them doesn’t it means we’re right.
Let the students, kids do the things that they want to do. Let’s provide them the education, sources, environment that they need to do the things as a parent, society, government, and teacher.
They will become the next wonder, inventor, scientist, and entrepreneur.
It’s not easy to be an entrepreneur. And you can’t force others to become entrepreneurs. It’s own feeling, inspiration, and dedication.
Detailed Explanation, Why entrepreneurship is important?
Importance of entrepreneurship:
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 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 ideas, and hire new people.
2. Importance of entrepreneurship in society: – When they become successful they inspire social development. They spend part of their income on 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. 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 the 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 the office, they open a current account, they invest in shares and bonds, they buy various other government and non-government 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 in liabilities. Such individuals are very talented but they are working hard for banks to pay installments 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 a 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 marketing education, financial education, entrepreneurship education is really important for graduates and senior secondary school students. If they learn about marketing then in the 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 the 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 have dreams, hopes, and ready to explore innovation in the country.
But why, most of the people or fresh graduates, degree holders looking 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 employees’s not great leaders or entrepreneurs. They are educated on how to get jobs. But the real reasons are most 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 managers? I know they are very good at whatever they teach, but why then surveys are saying that 60-70% of students are not applicable for jobs. And for me, the answer is simple, let’s see in this example.
- Our economics teachers told students to buy books for ABC economists. 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 a 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 practical education and allow SME educators 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 to how the agenda and policies are activated by the minister and IAS officers. After that session, the next day in schools, students can ask a question to that teacher (Political Science teacher), then it is a great position and situation for a teacher to explore the old and new concept in the mind of students.
- Another example, when an MBA lecturer or HR class teacher will visit any SME or corporate office, and sit there for watching the ongoing operation in the HR department. Then students can see what is happening in the real world, then they can ask questions and teachers can prepare students for the 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 understand the importance of entrepreneurship and be the change you want to see in this world.