INTRODUCTIONEntrepreneurs are the backbone of moderneconomy as this is the main contributor to innovativeness, development of productand to decrease unemployment. Entrepreneurs starts a franchise to earn profiton new found chances and opportunities, can go a long way to stabilize the wealthof a nation and to generate great returns to the government.
They can affect the country’s wealth in various ways. Aneconomy is much depends on the performance level of its entrepreneur. A developing economy is required to be brought outof the vicious circle of low remuneration and poverty. Entrepreneur can breakthis vicious circle.
Entrepreneurs and government can change a developingeconomy in developed economy. Entrepreneurs contribution to theeconomic development of a country.Entrepreneurs invest their own resources and attract fundfrom investors, lenders and the public. This deploy public wealth and enable peopleto obtain advantage from the successful entrepreneurs and expanding theirbusinesses. This kind of pooled fund that results in wealth creation anddistribution is one of the common imperatives and aim of economic.
By nature and definition, they are job creators, as opposedto job seekers. For an example, when one become an entrepreneur, there is oneless job seeker in the economy and then one can offer employment for numerousother job seekers. This kind of job creation by fresh and existing businessesis again is one of the common target of economic development. They promote alot of job opportunities and helps in increasing the standards to aninternational level.
Entrepreneurs aids in increasing the standard of living of publicin a country is yet another main aim of economic development. They don’t only promotejob opportunities, but also by develop and adopt innovations that lead to upgradein the standard of life of their employees, customers, and other stakeholdersin the nation. As an example, automation that decreases production costs and helpsfasten the production will make a business unit more productive, while alsoproviding its consumers with the same products at lower prices.Community development requires infrastructure for hospital andeducation, training and other public services. For example, they need more educatedand skilled workers in a society to attract new businesses. If there areeducational institutions, technical training educational institution andinternship opportunities, that will aid to build the pool of educated andskilled workers.
Moreover,setting up new businesses and industrial units help with regional developmentby locating in rural and backward areas. The growth of industries and businessin these areas leads to infrastructure upgrades like better roads and rail track,airports, stable electricity and water supply, educational institution, healthcarecentres, shopping complex and other public and private services that would nototherwise be accessible.Theyalso promote social change. Through their uniqueness offerings of new productand services, entrepreneurs break away from tradition and indirectly supportfreedom by reducing dependence on obsolete systems and technologies. Forexample, the water supply in a water-scarce region will, at times force publicto stop working to collect water. This will affect their business, productivityand remuneration.Every freshfranchise that locates in a rural area will generate both direct and indirectjobs, assisting lift regional economies in many various ways. The combinedspending by all the fresh employees of the new businesses and the supportingjobs in other businesses adds to the both local and regional economic achievement.
Any developing franchise will eventually want toget started with exports to expand their business to other foreign trades. Thisis an significant component of economic development since it give access tobigger trading, and leads to currency inflows and access to the newcutting-edge technologies and processes being used in more developed foreign trades.Another benefit is that this expansion that leads tomore stable franchise revenue during economic downturns in the local economy.In addition, entrepreneurs also add to national remuneration. It can generate freshprosperity. New and improved offerings, products or technologies fromentrepreneurs enable new markets to be developed and new wealth created.
Forexample, more business operates in a nation more tax will be received,therefore the remuneration of the nation will rise.The ability to turn ideas into fresh products andservices that public need is the fount of prosperity for any developing nation.Economic growth, generally speaking, is driven by new technologies and theircreativity applications. Duration of rapid innovation historically have beenaccompanied by duration of strong economic growth. The impetus of innovation isthe best natural resource of all, such as the human mind.
Creating innovativeproducts and solutions requires an educated society and an environment wherecollaborative work can take place. In order to being best for franchise,education increases workforce creativity and standard of life.Pathbreaking offerings by entrepreneurs, in the form of new product & services,result in fresh employment, which can produce a cascading effect or virtuouscircle in the economy. For example, a few IT companies founded the Indian ITindustry in the 1990s as a backend programmer’s hub. Soon the industry gatheredpace in its own programmer’s domain.In addition, technology has made it possible for smallbusinesses to expand into local and international markets. When new businesses export product and services tonearby regions, these enterprises contribute directly to a region’sproductivity and earnings.
This rise in revenue stabilise an economy andpromotes the whole welfare of a society. Economies that trade with one anotherare almost often better off. This has never been more true than it is today, aswe live in an increasingly interconnected global economy. Even for a huge andadvanced economy like the United States, foreign trades have a significantrole. Foreign trade, according to some estimates, is responsible for over 91% ofthe economic growth.Entrepreneurs makes much contribution to the nationalexchequer and to the country’s wealth as whole. The GNP of the nation is computedbased upon the sum of products and services available in a respective nation.
The more products and services available the higher the GNP. It indicates theeconomic growth of the nation. Entrepreneurs as an agent of change.
An entrepreneur issomeone who organises, manages, and assumes the risks of a business orenterprise. An entrepreneur is an agent of change. They are the driven, creative individualswho question the status quo, exploit new opportunities, refuse to give up – andremake the world for the better. A social entrepreneur spots and solves social issueson a big scale. Just as franchise entrepreneurs create and transform entireindustries, social entrepreneurs act as the change agents for society, seizingopportunities others miss in order to improve systems, invent and disseminate recentapproaches and advance sustainable solutions that generate social value. Social entrepreneur recognise when a part of society isstuck and to provide new ways to get it unstuck. Entrepreneur finds what is notworking and solves the issues by changing the system, spreading the solutionand persuading entire societies to take new leaps.
In Kenya, PeterChege, an entrepreneur assisting thelocal farmers to adapt with the climate change. In accordance to some models,cereal yields are expected to decrease by 10% to 20% by 2050 due to droughtsand high temperatures. He develops and install hydroponics systems for farmersin Kenya, Uganda and Rwanda that will enable them to grow produce without soil,significantly increasing their efficiency while reducing the usage of water.In Jamaica, farmers lose a significant portion oftheir produce to spoilage because they lack direct access to the markets. Butthey must haggle about prices with middlemen, resulting in increased fund anddelays.
To address this inefficiency, Jamaican entrepreneurs Jermaine Henry andJanice McLeod developed AgroCentral, it is a mobile app that matches farmers with buyersin the hotel and restaurant trade. Which cause higher revenue for farmers,lower prices for buyers, and reduces the wastage.Besidesthat, Florence Nightingale created the first professional institutions fornurses and established standards for hygiene and hospital care that have shapednorms worldwide.
What is different today is that social entrepreneurship is expanding into amainstream vocation, not only in the United States, Canada and Europe, but highlyin Asia, Africa, and Latin America.In fact, the rise of socialentrepreneurship represents the leading edge of a remarkable development thathas occurred across the world over the past three decades, the emergence ofmillions of new citizen organisations. As always, let’s make money.CONCLUSION Entrepreneurs are the nation builders.
The development of a country is dependsupon their skills, talents and also their hard work to deliver necessary productsand services for the comforts and luxurious living of the public of aparticular nation. People shouldlearn to value their entrepreneurs as real partners of development andacknowledge their contributions and celebrate them.