Importance of Entrepreneurship

Leader Mike Ihezuo

In my book, Start Your Business Today, Get the Know How Now  i invested many pages looking at the importance, the fun of going solo, of becoming entrepreneur, and of taking one destiny into one’s hands, in a bold audacity.

Over 40 entreprenuers voxpop their voices on why they go entrepreneurial, and the fun inherent as reward. So much is in that book that it is of no use repeating them here, but permit me to share 5 points you can consider as undeniably importance of entrepreneurship. They’re;

1. Creation of Jobs and Employment – Entrepreneurship generates employment for aspiring entrepreneurs and jobs to thise who’ll append to the business. For employment, it provides an entry-level job, required for gaining experience, acquiring corporate regimentation & discipline and training for unskilled freshers. For jobs, it is by way of contacts, outsourcing, consultation, supplies, and credits.

2. Innovation – doubtless, entrepreneurship is the hub of innovation that provides new products, services, ventures, market, technology and quality of goods, and so on, and increase the standard of living of people. Very key to sustenance of entrepreneurship is this innovation. Most innovation and research & development you see in big corporations are made possible by MSME.

3. Impacts Society and Community Development – A society becomes greater if the employment base is large and diversified, every one providing different services. It brings about changes in society and promotes facilities like higher expenditure on researches, scholarship, grants, sponsorships, better environment, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a more stable and high quality of community life.

4. Increase Living Standard of People – Entrepreneurship helps to improve the standard of living of a person by increasing the take home income because more people are empowered. The standard of living means, increase in the consumption of various goods and services by a household for a particular period in time.

5. Supports researches and development – New products and services need to be researched and tested before launching it in the market. Therefore, an entrepreneur also dispenses finance for researches and development with research institutions even universities. This promotes researches, general construction, and development in the economic space.

Excerpt. *_Start Your Business Today, Get The Know How Now_ !*
Mike Ihezuo