If there is a product or service, there is also an entrepreneur who is the mastermind of the said business transactions. These things are useful and beneficial to all people since it brings convenience to their everyday lives. Entrepreneurship has a dynamic approach to the changing demands of the market to target creating a value that works for the rest improving their overall well-being.
When people are satisfied, happy and comfortable, the society will be organized and just since there are no conflicts from one another. There are no triggers for them to be violent as they are receiving the right treatment and the things they want.
Entrepreneurs are risk takers and they implement right actions supplied by adequate resources, manpower and capital. Doing business is not only about profit maximization but also to bring societal change and help people overcome their detriments in a community. Hence, a business role is more than they could provide in the entire world. Here are the entrepreneurship 4 significance or roles in economy and society.
1. Entrepreneurship expedite economic development
Businesses become a wheel of opportunity through creating new goods and services, employment will be necessary to execute this activity. This paves the way for job seekers to fill the vacant job and work efficiently that will directly impact our economy. This is because they will bring taxes to the state as well as more available products and services for consumers. Regardless of whether an employee is skilled or not, he or she will be given a chance to stimulate his or her income and life. While the economy is gradually growing effectively.
The larger the job market, the greater it could bring in order for the state to rise above. For instance, a real estate investor or property buyer in Charleston, South Carolina implemented a project. They aim to establish 20 houses in a certain city to supply the growing demand. Hence, more construction workers are necessary to contribute labor as well as the suppliers of the construction materials.
2. Entrepreneurship drives innovation
Executing business innovation or invention to come up to a new and beneficial product or service enhances efficient materials utilization. Entrepreneurs render enough research and practices to invent something that would create new opportunities for other industry’s advancements. They aim to provide a new market or industry to fill what is needed or demanded. It will resolve some major problems that have no current solution. Thus, research and innovation improves the products or services weaknesses likewise to everyone’s life in an efficient manner.
There are obsolete methods, processes and technologies that people used to utilize and it promotes changes into it. The entrepreneurs become the initiators of these changes as they innovate things to improve an existing service or good. It could cause societal changes such as a convenient lifestyle, critical thinking, appropriate manner and wise decision making. For instance, the invention of mobile phones and Google search bars that enhance how people do research. They could access it easily and it improves the way they verify information. Therefore, these social changes have global impacts and let individuals live the life they want.
4. Entrepreneurship help existing businesses to stay in the market
Business individuals are not purely innovating things but also improving the existing problems in the market that have not been resolved. Numerous giant companies experience problems in the middle phase of their business life cycle. Hence, continuously innovating its strategies and weak points could help the business stay competitive and overcome its challenges. Consumers or customers are valuable in a business and they have to be heard. Their feedback will help the company identify their shortcomings and find ways to change it in order to keep the market share that will make the firm survive.