Entrepreneurs are self-motivated individuals who strive to do something new and unique on their own. By identifying opportunities, arranging the necessary resources and taking in all the risks in the business, entrepreneurs fulfil customer needs and create employment opportunities for themselves and people around them.
Entrepreneurship is the process of establishing those ideas in the form of business by introducing new goods, services and technologies to the market. Entrepreneurship is not just another form of business; it is considered a driving force of our society and the nation’s economy. Entrepreneurship not just benefits the entrepreneur himself; it also contributes to the overall development of the organization and the economy. Entrepreneurship is an emerging form of business and involves a lot of risk-taking.
Some of the reasons for people to choose entrepreneurship and its benefits are discussed below:
They are their own bosses, unlike offices and organizations which require work to be done from a specific time and place. Entrepreneurs have the free will to work in a flexible schedule from any location as preferred. They tailor their work depending upon their lifestyle and other commitments.
Entrepreneurship requires a lot of managerial skills such as decision making and being able to do so confidently boost their self-esteem. Entrepreneurs are those who inspire people to do business on their own and confidently pursue their passion in a certain way. They are people with good leadership qualities and a vision. The ability to be able to create a product and fulfil a certain customer need with the use of individual ideas, talent and resources creates a huge sense of satisfaction and is very fulfilling.
One of the biggest benefits of being an entrepreneur is you get to wear various hats and get to learn many things. These learnings are not just limited to your own industry but about marketing, managing money, handling people, dealing with risks, getting the work done in the most effective way, etc. It enables one to explore and figure out how to do things even if they don’t know much about it.
Despite taking on all the risk, entrepreneurs more often than not stand a high chance of profitability as such upon fulfilling customer’s needs. Entrepreneurs reap good profits and create wealth for themselves and also related businesses. Establishing a new business involves arranging resources from the existing market. This allows other existing entrepreneurs to earn profits.
One of the driving factors of entrepreneurship is the increased needs of customers for variety and luxury in goods and services. This motivates the entrepreneurs to introduce unique need-based products. It could be electronics, clothing, automobiles or other products. Increasing the use of such new products in return improves the standard of living of the consumer.
When like-minded entrepreneurs get together to coordinate physical, human and financial resources and direct them towards the achievement of objectives through managerial skills, businesses are developed. Although entrepreneurship is a business run by one person or the innovator, it involves a lot of factors and the use of resources which results in the creation of organizations. Further, these organizations are built from the scratch with a number of skilled people working together. This creates a lot of job opportunities.
Entrepreneurship enables new markets to develop in the form of goods, services and technology. It paves ways of generating wealth; these higher earnings contribute to increased national income and tax revenues. It promotes innovation, self-reliance and generates employment opportunities.
The new products and services innovated by the entrepreneurs encourage consumers to adapt to new trends and technology. It breaks away from the dependency upon traditional ways of using products/services. They help the consumers in having an open mind which results in better morale, the standard of living and quality of life. It increases the foreign exchange revenue with large scale exports of the produced goods and services.
Being the first one to introduce something new into the market in the form of good service or technology allows the entrepreneurs to create demand and trust in the market. This results in becoming the one being looked up to in the industry as an innovator. Be it any industry, as long as the entrepreneur wishes, he can continue to innovate and introduce new products in the market just by continuously looking for opportunities and capitalizing on it.
Below are of some key characteristics of entrepreneurs which enable them to reap all the benefits of being in the industry they are in:
Working with a vision and passion
1. What Are the Advantages of Entrepreneurship?
There are various advantages of entrepreneurship. A few are listed below:
Being an entrepreneur, we can define our income while enjoying our work.
One can be self-reliant and look forward to better opportunities.
Our schedule will be fulfilling both in terms of earning and work atmosphere.
Being an entrepreneur means being your own boss and the income is unlimited and not salary based.
2. How Can Entrepreneurship Contribute Towards Society?
Over the years, entrepreneurs have boosted the world of innovative technologies. They have opened a way for new job opportunities based on the skills and capabilities of the individual and have given a better standard of living to their employees. They have provided solutions to deal with financial and social issues.