Entrepreneurs are considered as the national assets, says Shaun Vembutty. They possess the capability to change the way we live and work. Innovations done by these entrepreneurs have changed our standard of living. Entrepreneurs not only create wealth from their ventures but also create jobs and conditions for a prosperous society. According to Shaun Vembutty entrepreneurs are an integral part of the economy and they help in its growth. There will not be any exaggeration if we call them the backbone of the economy. Why do we consider them essential for the economy? Here are the reasons that shows the importance of entrepreneurs.
Create business opportunities:
Entrepreneurs offers opportunities in the form of new goods and services that results in new employment. This helps in the further development of the economy. We can take the examples of IT companies as in case of India there were only a few industries but today there is a hub of IT industry. Most important, there are millions of other sectors that are benefited from this particular sector.
Education and training institutes nurtured a new class of IT workers that offers better and high paying jobs. Many other businesses like call center operations, network maintenance companies and hardware providers are flourished with the help of IT industry. From the high qualified person to a construction worker, entrepreneur enables benefits from every aspect of the economy.
Generate wealth
Entrepreneurial venture helps in generating new wealth. These businesses remain confined to the scope of existing markets. Products and technologies developed from entrepreneurs empowers new markets and wealth. Increased employment and higher earnings contribute to better national income in form of taxes. These revenue government used to invest in the different sectors of the economy, be it human sector or any other struggling sector.
According to Shaun Vembutty an entrepreneur helps in the nation’s economy whether directly or indirectly. In simple terms it could be said that entrepreneur is the most essential part that helps in the growth of a nation.
How an entrepreneur affect the economy
Provides competition:
Shaun Vembutty says that entrepreneurs keeps the market live and dynamic. New firms give competition to the old which is an essential step in the path of progress. New firms maintain the foster of productivity which is very necessary.
Encourage structural change:
According to the old sayings, to compete with the new era we need to change ourselves with time. Likewise existing firms need to keep making some structural changes as existing firms often struggle to adjust in new market conditions and permanent changes, getting locked into their old positions. These firms fail to make necessary internal adjustments due to which they lack in creativity.
Development of community:
Entrepreneurs help in the development of community. They regularly nurture ventures by other like- minded individuals. They set example to a huge population that if once decided, nothing is impossible. There was a time when people were helpless and forced to work under their boss. Unwillingly, they used to perform their task, but today we have lots of examples set by many middle class and poor people in the field of entrepreneurship. As we have discussed that many individuals left their studies and even school to achieve their success and today they are at the top of the success. Many entrepreneurs like Bill Gates, have used their money to finance good causes, from education to health. A nation’s development is related with the growth of entrepreneurs.
Contribution of Entrepreneurs to society:
As Shaun Vembutty says that entrepreneurs are not the only one who get benefited from their business but there is a whole community who gets benefited from their business. Job creation in itself is the most important contribution that an entrepreneur makes to the society. Besides, creating job opportunities entrepreneurs helps in the development of many other sectors of economy be it sports, philanthropy or innovation. By establishing their business they help many unemployed but qualified people who do not have any work to do. Although new firms starts with one or two employees but these numbers may change with the growth of the company.
Causes & charity:
Business individuals donate a lot for charity purposes. They spend a good amount on the well- being of those people who are in great need of it. There are many charitable institutes operated by these entrepreneurs in the nation. Ranging from educational, medical to vocational institutes are there that gain help from business identities.
Government Advisory: Many successful businessmen of nation provides the help to government as an advisor and work with it for the growth of the economy. They offer help to promote well-being of the citizens. Shaun Vembutty says that government often seeks their advice on social and economic activities. As we know, business is essential for any country’s growth and businessmen as its integral part, which often offers its services to government. Their services play a major role in the development and prosperity of the nation.
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