Entrepreneurship – Benefits to Individuals and Economy

Every person dreams of having their own business. There are lots of innovative thinkers who dare to think the impossible and achieve it too. Over the years, business scenarios have undergone tremendous changes that are quite evident. People have come up with great novel business ideas that are not only creative but fruitful too. Today an economy needs such budding entrepreneurs in order to establish more and more business units which is not only beneficial to them but also helps in the growth and development of the economy as a whole.

Entrepreneurship is largely promoted by people who dare to think out of the box. Such entrepreneurs are self-driven and focused towards the accomplishment of their goals. Nowadays there is no dearth of business ideas. An entrepreneur is the one who conceives a business idea, generates resources and makes arrangements of finance and labor. An entrepreneur is self-employed who plays a major role in creating employment opportunities for other people as well.

Benefits to an Individual

Entrepreneurship plays a significant role in the growth and development of an individual. Some of the benefits offered are as follows:

• People who are self employed enjoy great pride in achieving success on their own. It gives a boost to their confidence and self-esteem. They are highly motivated which in turn push them to achieve great heights.
• Entrepreneurs are able to work as per their rules and regulations. They are their own boss and can enjoy the authority to take independent decisions.
• Entrepreneurs are able to generate wealth for themselves which can take many years while working as an employee for other people.
• A person who works continuously for eight to ten hours a day feels tired and exhausted after the day’s work. It increases their fatigue level which in turn affects their productivity and efficiency in the long run. An entrepreneur is free to choose his working hours as he is the boss and nobody is entitled to question his decision.
• Due to flexible work hours, an entrepreneur has ample time at his disposal. He is therefore able to devote a considerable amount of time to his family and friends. During his spare time, he can even indulge himself in certain recreational activities like sports, movies or hobby classes in order to relax and rejuvenate.
• An entrepreneur enjoys greater profits which in turn keeps him going and motivates him to perform better.

Benefits to an Economy

Entrepreneurship is a great way to develop an economy. Some of the benefits offered to the economy as a whole are as follows:

• Unemployment is the biggest challenge for any economy. Entrepreneurship helps in providing an opportunity to people to get self employed. Apart from this it also plays a major role in the eradication of unemployment by creating employment opportunities for people at various levels.
• It facilitates the government to fill their coffers with the taxes that are generated from the entrepreneurship undertakings which in turn helps them to generate more revenues.

Entrepreneurship is an essential component of any economy. Entrepreneurship is a concept that is triggered by the growing urge among people to have their own business. An economy completely supports this proposition as it not only benefits an individual but the society at large.