In the true entrepreneurial spirit, 83.1% of owners built their companies from scratch. A significantly smaller percentage (11.3%) purchased their businesses, while 7.2% inherited them or received them as gifts (FactFinder). It's one of the most fulfilling and rewarding careers out there. An entrepreneur doesn't view a problem through a normal lens; we see the problem as an opportunity to build a product or service that delivers a solution to the problem.
An entrepreneur is simply a visionary business builder. We strive to build a profitable business that helps sustain our nation's financial foundation. As Peter Drucker puts it, "Business isn't just business. It's the economic engine of democracy." Entrepreneurship without a doubt plays a crucial role in society and in this article, we're going to look at the importance of entrepreneurship in 2022 and beyond.
The Importance of Entrepreneurship to the Entrepreneur
An Increase In Learning Opportunities
Even though a career in this field is rewarding, it's also challenging. It wasn't a walk in the park for the most successful entrepreneurs; they experienced and are still experiencing different challenges in various aspects of their businesses. These issues present a chance to learn and improve yourself. You learn how to market, delegate tasks, take risks, be creative about problems, get up after failure, and many other things.
Successful entrepreneurs do not allow hindrances to define them; they find ways to overcome them. And by solving various problems in different ways, they gain a lot of knowledge and develop themselves.
One key disadvantage of the 9-5 work schedule is poor flexibility. You have to sit in the office for those hours as you do your duties. Entrepreneurship brings exceptional flexibility: you can choose where, when, and how to work. You can set up an office of your preferences and work from there, work from home, or work from another destination of your choice.
Being an entrepreneur also means total control of your time. If you're a late-night person, you can choose to work during those hours. If you're an early-morning person, you can do it during those times. You can then spend the other hours concentrating on other aspects of your life such as family. Even though entrepreneurship may demand more working hours compared to the 9-5 job, the freedom, and independence to choose where and when to work make it an exciting experience.
As an entrepreneur, there is also flexibility in income potential. The 9-5 may have a fixed income. But the earnings you get from your business depend on your effort and business success. There are no limits. The more successful your business is, and the more your efforts, the more the earnings.
Entrepreneurship makes an individual the master of their own destiny. You don't risk a large corporation somewhere putting you in a box. If you have passions, you can pursue them freely. If you recently acquired some education or skills, you can put them to work by setting up a business, rather than trying to fit in a corporation. Since you will be believing in everything you're doing, it'll be an inspiring process for you. You'll see your decisions and ideas making a difference and contributing to the success of your business.
Nothing is as gratifying as pursuing something you love. You can devote 100% of your effort to seeing it grow and develop. Even if you don't know how to do it, you can get the required skills through education.
Greater Self-confidence and Leadership Skills
Entrepreneurs come across various challenges on the road to building a successful business. When they embrace these challenges and make decisions, they become more confident. When they solve a particular problem, they beat self-doubt and believe they can conquer anything that comes their way. And since an entrepreneur is the leader of the business he/she has established, they develop leadership skills such as patience, dependability, integrity, and communication to guide everyone involved in the business.
Wealth Creation and Personal Development
The prospect of wealth is perhaps the most popular motivation for people to get into entrepreneurship. When you work hard and create a successful business, you get more profits. More profits mean you can amass more wealth and live a comfortable life. You'll develop from a person who may have lived difficult financial life, to a person who can afford better things.
The Importance of Entrepreneurship to the Society and Nation
Entrepreneurs not only advance themselves but also contribute to the growth of the communities around them and the country as a whole. Here are some ways entrepreneurship impacts society and nation.
- Economic development - More businesses mean more additions to a country's national income through taxes, imports, exports, and other means. The nation can then use the money to grow its economy and develop amenities such as roads, schools, hospitals, etc.
- More jobs for the people - When a business grows and expands, it requires employees to run various aspects. These employees come from the population and thus helping reduce unemployment rates. Helping others is always a great privilege. As an entrepreneur, you can touch other people's lives and change them for the better.
- Better infrastructure - When a company sets up shop in a particular area, it may improve the infrastructure around it such as roads and communication for better service delivery. Improved infrastructure can mean better living for the communities around it.
- Better products and services - Entrepreneurs are the hub for innovative ideas. Implementing these ideas contributes to better products and services. For instance, entrepreneurs are responsible for the innovative technology we have today, smartphones, internet access, digital entertainment, hardware, and many other solutions. All these contribute to better living quality for the people.
Hopefully, you now understand the importance of entrepreneurship in 2022 and beyond. If you have always wanted to become an entrepreneur and set up your own business, there is no better time than now. You just need to be a risk-taker and have innovative ideas, a plan, time, and support. These elements mixed with persistence and the desire to achieve can help anyone build a successful entrepreneurial venture.
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