How Entrepreneurship Benefits Individuals and The Society As A Whole


People are always confused about the exact roles entrepreneurs play in the society – or rather the impacts that businesses established by entrepreneurs have on individuals and the society in general.

There is no point deploying great skills and investing so much time and money into any business if it doesn’t serve any worthy values, and these values can both be ascribed to individuals within the business circle, outside the business structure, and unknown people within the society.

There are always goals and objectives behind the formation of any entrepreneurial structure, and the achievements of these visions justify the continued existence of the business entity. Outsiders may not necessarily or readily understand the objectives of any business structure, but insofar it is meeting the needs of people working within the organization, then the business has a legal and economic value.



Benefits of Entrepreneurship

Some critics believe the ultimate objective behind every entrepreneurial enterprise is selfish – that is, to make money and plenty of it too. But this is not always true. Private and public businesses meet the basic needs of entrepreneurs, employed staff, business publics, and the society and even the government. And then, private and public businesses develop a nation.

Let us break these down to make it digestible. Entrepreneurship benefits a people and a nation in the following ways –



 

  • It satisfies basic human needs: Businesses exist to fulfill perceived and real human needs. Entrepreneurs identify gaps in human needs and create business solutions to provide these needs. Business owners conduct research on what people need and then set up business structures to meet these needs which come in forms of services and goods among others.
  • It creates daily jobs: Is there anyone who doesn’t want to work and earn a decent living? Government alone cannot employ everyone in any given state or community, and entrepreneurs employ the rest by creating business opportunities and enabling people to earn livable incomes.
  • It betters the economic lots of the people: Entrepreneurs establish businesses to help people realize their dreams and attain set objectives. So a business structure exists to meet the financial needs of its founders and those of people working within it, helping staff to better the fortunes of their families and dependants.
  • It contributes to national wellbeing: When people work, they pay back taxes to the government, and government uses these to provide basic amenities and other infrastructural services that people need. With people’s taxes, government is able to provide schools, hospitals, electricity power, drinkable water, good roads, rural telephony, internet services, marketplaces, and other economic institutions to elevate the nation.
  • Promote personal growth and development: Businesses established by entrepreneurs task people to better their skills, acquire higher education, get enlightened, and promote personal growth and development. Entrepreneurs set the pace by which people score themselves and reach further into their economic future.
  • Facilitates healthy competition: Entrepreneurs breed more entrepreneurs and spin more businesses. They serve as mentors to would-be businessmen and guide them into establishing successful businesses. They help people to aspire to better communication skills, self-determination, increased creativity, and creation of new business opportunities.

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