For any country, entrepreneurship can be considered a national asset, and entrepreneurs are the drivers of that asset. Through this dynamic process, wealth can not only be increased but also value can be created, resulting in improved well-being. It plays a significant role in changing society, so cultivating, motivating, and remunerating this greatest asset is crucial.
In contrast, innovation enabled the majority of the country's population, equipped with resources like the Internet and electricity, to live in a safer environment. “Innovation is the ability to see change as an opportunity – not a threat.” Now, we don’t have to go back too far, just to the 1990s in India. During that time, it would be incorrect to say that the idea "I can watch any movie, anywhere, at any time with just a few clicks on a device that is hands-free" was amusing. As hands-free transitioned into mobile and eventually smartphones, we became living examples of how innovation continues to evolve.
Currently, India is experiencing a pandemic with the world, job opportunities have been lost as a result, and a new chapter of the digital revolution has begun. The power of innovation is more important than ever during times such as these.
Importance of Entrepreneurship
The most efficient ways to utilize unutilized resources, labour, and capital are through entrepreneurship. The goal of entrepreneurship is to make a profit, or in the case of social entrepreneurship, to solve a problem facing a community. Thus, entrepreneurs play a significant role beyond the business world. The importance of entrepreneurship is so broad that it's hard to describe all its aspects in a blog post. However, I would like to shed a little light on entrepreneurship's importance and role in economic development.
1. The entrepreneurial spirit accelerates Economic Growth
Market economies depend on entrepreneurs to drive economic growth since they can act as engines of growth. New products and services stimulate new employment, which ultimately accelerates economic development. For economic growth, public policies that encourage and support entrepreneurship are important. Entrepreneurship creates a large number of jobs and opportunities. Entrepreneurship is responsible for creating a large number of entry-level jobs, which are essential for turning unskilled workers into skilled ones. In addition, it prepares and provides experienced workers to large industries. Growth in entrepreneurship is a major factor in increasing a country's total employment. Therefore, entrepreneurship plays a vital role in the creation of new jobs.
Entrepreneurship enhances production by utilizing existing resources most effectively by bringing innovation to all aspects of the business. To develop new markets, entrepreneurs introduce new and improved products, services, and technologies. Consequently, they contribute to national income by generating new wealth. As a result, the government can offer the citizens more benefits at the national level.
2. Innovating through Entrepreneurship
Entrepreneurs bring innovation to the world through their research and development practices, opening the doors to new markets, products, and technologies. Entrepreneurs can solve problems that existing products and technology have not yet solved. It is, therefore, possible for entrepreneurship to improve people's lives by producing new products and services or bringing innovation to existing products and services.
3. Changes in society can be promoted through Entrepreneurship
Society's traditions and cultures are changed or broken by entrepreneurs and obsolete methods, systems, and technologies are reduced. Entrepreneurs are primarily responsible for bringing new technologies and systems to society. Improvements in lifestyle, generosity, morale and economic choice are associated with these changes. As a result, social changes gradually influence national and global developments. The importance of social entrepreneurship cannot be overstated.
There is a special program aimed specifically at Social Innovation at Duke's Innovation and Entrepreneurship Initiative. To inspire, prepare, and support entrepreneurial leaders and scholars to turn knowledge into action in pursuing innovative solutions to the world's most pressing problems, the program builds upon and extends the university's strengths. An example of one of the most recent initiatives of the initiative is the Duke-UNICEF Innovation Accelerator, which focuses on entrepreneurship in three African countries for women's health and hygiene.
4. Innovation and research are fostered by Entrepreneurship
In addition to developing new business ideas and thinking outside the box, entrepreneurs promote research and development. Their ideas are nurtured, moulded, and turned into successful businesses. Entrepreneurs are special types of people who are always searching for new ideas and improving existing ones. Their impact extends beyond their own companies and ventures: when entrepreneurs develop a new product, service, or idea, others often follow (and sometimes refine it further).
Entrepreneurs combine their efforts to accelerate innovation and industry. They can motivate each other, share ideas and inspiration, and plan to establish new industries together. Changes in the existing industrial climate also open doors for others. So, entrepreneurship plays a multifunctional role in the economy.
5. Existing companies benefit from Entrepreneurship
Entrepreneurs are often thought of as inventing brand new products and ideas, but they also have a positive impact on existing companies. Entrepreneurs can come up with innovative ways to expand and develop existing businesses since they think differently. An example, modernizing production processes, integrating new technology into the distribution and marketing processes, and assisting existing enterprises in maximizing their resources.
Ultimately, supporting and promoting entrepreneurship can boost a country's economy and even existing businesses, and social entrepreneurship enhances the chances of finding innovative solutions to social challenges.
6. Through innovation, the Indian economy will grow faster
Entrepreneurs of all ages should lead the way in pioneering new business and entrepreneurship innovations, emphasizing both entrepreneurship and innovation in today's economy. With government initiatives in technology-led growth, ease of doing business, and the digital sector, India is expected to grow by 7.5% this year, making it the fastest-growing major economy. To address economic problems arising from the pandemic, India adopted the mantra of "reform, perform, and transform," and the results are evident in the Indian economy. The Prime Minister listed four pillars responsible for the Indian economy's recovery: technology-driven growth, ease of doing business, infrastructure improvement, and digital transformation.