Importance of Entrepreneurship in Indian Economy
Entrepreneurship is not a word that describes the struggle of a common person who puts all his efforts to build something of his/her own, it is also something that reflects the growth of the country. When it comes to entrepreneurship, several things come to the mind like the day-to-day functioning of an organization, gathering funds, manpower, resources and much more.
Entrepreneurs are thought of as national assets who are civilized, remunerated and motivated to a great extent. There is no doubt that entrepreneurs are changing the way that we live and work. Those who are successful entrepreneurs are helping the community to improve the standard of their living and also assist a lot when it comes to adding and creating wealth with their entrepreneurial ventures. Moreover, they are also helping a lot in creating more jobs that is a good step towards a prosperous society.
Entrepreneurs Create New Opportunities
Entrepreneurs are providing great offers in the form of opportunities to many associated domains. No matter, in which sector the company deals but it will surely provide new opportunities that will further assist in economic development. The businesses of associated industries include network maintenance, call center operations and hardware providers. Even when it comes to education and training center they are hiring IT workers which is considered to be a high paying job. Moreover, the infrastructure development organizations and real estate companies as well are taking advantage of this growth. In simple words, an entrepreneur benefits a large part of the economy.
Addition to National Income
There is no doubt in saying that all entrepreneurial ventures are creating new wealth. The new and improved products, technology or service in which the new entrepreneurs are dealing are allowing the market to be advanced. Moreover, the growing numbers of entrepreneurs result in high earnings that directly contribute to the national income of the country. It would be there in the form of higher tax revenue or something related to government spending. The government can further use this revenue in the needful sectors or the human capital.
Entrepreneurs Create Social Change
We all are aware of the fact that there are many unique offers provided by the entrepreneurs that are breaking the traditional concept and support freedom. It is also assisting a lot in reducing the dependency level on outdated systems and technologies thus, helping in improving the standard of living, culture and great economic growth as well.
Apart from this, the globalization of technology which is growing day by day is allowing lesser developed countries to use high –tech tools which the developed countries are using. They are also getting the advantage of lower cost of living. With the same, a young entrepreneur from an underdeveloped country can take advantage of a product with a value of multi-million-dollar from a developed country.
Entrepreneurs also invest in several other things that include community projects. They are also providing financial assistance to local charities. If we talk about famous entrepreneurs such as Bill Gates who has used his hard earned money for causes starting from education to health.
Another Side of Entrepreneurs
When it comes to entrepreneurs and entrepreneurship, there are multiple pros and cons. All you need is focus and confidence to think beyond the basic. Entrepreneurs really strive to be motivated towards their work, they work hard for the growth of an organization that directly improves the Indian economy.
The interesting communication of entrepreneurship and economic development carries vital inferences for insurance companies, development institutes, business owners, change agents and charitable donors. If we understand the benefits and drawbacks, a balanced approach to nurturing entrepreneurship can result in a positive impact on economy and society.