SkillRary

Connectez-vous pour commenter

Importance of Entrepreneurship

  • Amruta Bhaskar
  • Jul 29, 2020
  • 0 commentaires
  • 4100 Vues

In a knowledge-based society, innovation is the driving force of the economy on all levels and in all types of organisations. Due to high risks present when introducing new products and services, innovations are usually commercialized via isolated formal formations such as startup companies.

The Global Entrepreneurship Monitor (GEM) research data show that worldwide, an entrepreneur with high potential creates on average as much as 3 times more jobs than an entrepreneur with average potential and as much as 15 times more jobs than an entrepreneur with low potential. Thus there is only 4 % of entrepreneurs who can be placed in the group of dynamic companies that have the potential to grow on global markets (on average they reach at least 20 % annual income growth) and they truly contribute to the economic development of the society, as they create as much as 38 % of all jobs. In society, there is only 6 % of entrepreneurs with an average potential, amongst which we also count those who achieve between 5 % and 20 % average annual income growth and they create 28 % of all jobs. But the great majority of entrepreneurs have low potential (90 % of all) – on average they achieve only up to 5 % average annual income growth and together create 34 % of jobs.

There is no doubt that startups are important for the economic growth of a nation.  If you have a plan to execute your idea into a startup or if you are running a startup, then you should read this to know how you and your startup can contribute to the economic growth of our nation. The role of startups in economic prosperity is enhancing in today’s world. One of the main advantages of startups is that it creates new jobs.  Global data shows that startups are creating more jobs in our nation than large companies or enterprises. As of now, many of the startups have introduced latest technologies like the Internet of Things, Artificial Intelligence, and Robotics etc. Most of the technology giant companies outsource their tasks to startups nowadays. It will also help to increase the cash flow of startups.

But every startup needs to deliver quality to their consumers to sustain their business. Then only these startups will grow and succeed. So the role of startups is important to our society to develop our nations.  That means it is necessary to develop an entrepreneurship culture in our country for more startups. Since the number of startups is increasing, competition between them are also increasing. But I would say that healthy competition is important for startups and consumers to curate the startup environment.

Main Roles of Startups to increase economic growth

·        Startups will create more jobs

Yes. If you are going to become an entrepreneur then you can create more jobs. Thus the rate of unemployment in our nation also decreases. So employment creation is one of the main advantages of startups.

·        Creation of wealth

Since entrepreneurs are attracting investors by investing their resources, the people of the nation would get benefit when startups grow. Since money is sharing with society, wealth is creating within the nation.

·        Better standard of living

Startups can implement innovations and technologies to improve the living of people. Many startups are working for rural areas to develop the community.

·        Increase in GDP

GDP(Gross Domestic Products) plays a vital role in enhancing the economic growth of a country.  World Bank says that India will become the fastest-growing country as economic growth in the world. By supporting and encouraging more startups, it is possible to generate more revenue domestically and consumer’s capital will also flow around the Indian economy.

Startup India Schemes

India is supporting and encouraging startups to stand up for developing our nation. Many innovative products and services are implementing by young entrepreneurs of our nation. That is why the Indian government has announced schemes for promoting startups. Startup India Schemes are helping many budding entrepreneurs to make their dreams come true and also helping to create more jobs from startups. So if you have a startup dream you should aware about the latest schemes and it will help us to boost the entrepreneurial journey.

Startups can change the world and in coming years more and more startups will grow with innovation and creativity. Entrepreneurship is the only way to enhance the economic growth of a nation. And a small idea can be termed into a big innovative solution which can change your future. So if you have an idea, don’t block your dreams because of fear of failure and taking a risk. Develop your idea into a startup and contribute to the growth of our nation. Now we can conclude that startups are important for the economic growth of a nation.

Connectez-vous pour commenter

( 0 ) commentaires