Why entrepreneurship matters.
Discover the power of entrepreneurship and how it shapes the world around us.
Some of the most famous people in the world are entrepreneurs. Whether they’ve created world-famous brands, conceived brilliant ideas, or introduced groundbreaking technology, entrepreneurs contribute immensely to society. And they’re usually recognized for their life-changing work.
But not every entrepreneur is famous, nor do they have to be. At its core, entrepreneurship is starting a new business. And regardless of how big or small a business is, its contributions are important.
So let’s take a look at two of the reasons why entrepreneurship matters, and how it helps improve quality of life for consumers.
Growing the economy.
When entrepreneurs create successful products (or services), the economy is stimulated. This is because new ventures can lead to:
- Higher rates of employment
- More efficient use of resources
- Faster generation of wealth
For these reasons, many national economies categorize entrepreneurship as a highly valuable asset. Japan, Germany, and the United States are leading countries for entrepreneurial development. It’s no surprise then that all three rank among the top five wealthiest countries in the world (according to GDP).
Innovation drives entrepreneurship. For example, where other people see manual processes, entrepreneurs see digital solutions. And with technology’s help, successful entrepreneurs discover ways to solve problems that the world’s current products and services can’t.
In this way, entrepreneurs are largely responsible for our contemporary creature comforts. Our latest inventions. And our most advanced technological developments.