In the world of business, entrepreneurs are a matter of national importance, they are valuable assets that need to be cultured, motivated and remunerated to fetch the maximum productive business output. Great entrepreneurs with great mindsets have the potential to making something big and to transform something into new. When they get success, their inventions meets our standards of living and improvises them further and additionally creates jobs, money, growth of a country and so on. So entrepreneurship is very vital for making a revolutionary change from social makeover to some digitalized innovation.
- It adds to our country’s national income: Ventures by entrepreneurs generate high finance. While existing business remains confined to the existing market, new income sources are generated from small ventures generated by budding entrepreneurs. New products or services that are technically created in a modern concept are introduced to the market for new wealth to be created. Increased employment and higher earnings make the country financially strong and developed. Better national income will serve for higher tax revenue and higher government spending. Then this amount can be used by our government to invest in other struggling sectors and also he can soften the blow by directing this increased wealth by satisfying workers.
- Spurring economic growth: Entrepreneurs create new product and services that have an accelerating effect on the country’s economy. Stimulation of new business and support to new ventures can be aided through this, leading further economic development. For an instance, the IT industry in India formed during the 1990s was formed by a few information tech companies which quickly expanded in a short period and benefitted others from it. Associated industries such as network maintenance companies, hardware providers, call center operations and so on flourished in no time along with educational training institutes. This further helped to grow a new class of IT workers who served better and were paid better. Future developments include strong support of logistics, qualified workforce and enough capital investments so that the benefit from entrepreneurship is on a large scale.
- Creation of significant social changes: Dependence on obsolete and traditional products and goods are shifted away by strong entrepreneurship. New technologies improve the new quality of life, gives greater economic freedom and improves the moral value of life. The impact on a business, its productive growth is all affected if one quantity that is required by everyone in an area of business, is stopped. For an instance in an area of water scarcity, the introduction of innovative and automatic pumps can fill containers automatically without the hassle of waiting in a queue to get them filled. So in this way, the social lifestyle and thinking power to gets changed towards something better. People will then focus on other important tasks than worrying about the petty matter and devote to economic growth.
- Development of community: Ventures are regularly nurtured by entrepreneurs through one- minded individuals who likely invest in community projects and provide economic support to local authorities. This help in the further development of more ventures. Business is highly supported if there are enough community support and togetherness. World-famous entrepreneurs have used their money for noble purposes, to boost education, economy and public health. One good quality in one person further stimulates and inspires other entrepreneurs to move ahead with their technology, spirit and direction.
Hence, the relationship between entrepreneurship and economic growth are directly related and both exist parallel. The decision and policy-making part of entrepreneurs is driven towards a balanced approach in nurturing a positive economic result.A country’s economy not only lies in existing developments but also in the hands of budding entrepreneurs who come up with the spirit of finding more better technology solutions than to secure personal profit. The more the sale and growth, the more is the economic balance sustained.