As you enter the job market today, you might observe that young people are not just looking for money, but also for a better world. As entrepreneurs, they succeed in developing life changing products that result in raising the standards of living and generating more jobs.
Furthermore, entrepreneurship promotes an environment where there is free exchange of ideas, social mobility, self-direction and tolerance of difference. This creates a positive change in facilitating the business. With emerging and developed economies, you can recognize the ability of entrepreneurs for generating prosperity.
Entrepreneurship is an act of individuals who undertake innovations, business and finance with an effort to transform them into economic goods. This might result in formation of new organizations or can be a part of revitalizing the existing organizations, in order to perceive the opportunity.
The importance of it has been understood and realized as it holds four social benefits like fostering economic growth, creation of new technology, rejuvenating competition and increased productivity in the current market.
During 1970s, economists were primarily concerned about demand and failed to prevent inflation. They also provided jobs that were confined within their economy which resulted in not meeting the supply and demand chain. To overcome this, they concentrated on the increased supply of products and services, and this was when many of them earned their break.
With the introduction of entrepreneurship, even small new firms combined various input factors in innovative ways to generate value for customers, hoping that this value would increase the cost of input factors. This would generate superior returns that would result in creation of greater wealth.
Entrepreneurship is also about motivation to take risks. According to the famous economist, Peter F Drucker, an entrepreneur’s behavior reflects a type of person who is willing to put his/her financial security and career on the line, in addition to taking risks for an innovative idea. This results in spending much time and capital in an ambiguous venture.
So, if we want to encourage prosperity, human rights and peace across the world, we need to promote entrepreneurship. New trends of global innovators definitely have the potential to generate spark in global growth that was never experienced. As it supports a country’s economic growth, it should be the goal of the governments to develop a tradition of entrepreneurial thinking.
For this, we can integrate entrepreneurship in national campaigns, education systems and encourage risk-taking in legislations. These initiatives have been brought under a worldwide celebration called Global Entrepreneurship Week that started in 2008 to promote youth Entrepreneurship.