Meaning of Entrepreneurship
We often come across the terms Entrepreneurship everywhere, be in Google or Magazines, News or most importantly in school academic subject economics. Also, very often we come across the success stories of many top-rated entrepreneurs, who are making huge profits and revolutionizing the world. Some of the most renowned entrepreneurs are- Bill Gates, Jeff Bezos, Mark Zuckerberg, Steve Jobs, Warren Buffet, Ratan Tata, Dhirubhai Ambani and many more who are the richest people in the world.
Definition of Entrepreneurship
So, what is entrepreneurship ? Well, the term refers to the individuals to believe in changing the world by creating something innovative on their own. Here the individual makes the best use to technologies, land, labor, and natural resources to build their own business empire that not only will generate profits but also bring a major change to the life of the people.
Entrepreneurship term is derived from the French word ‘entreprendre’ which means ‘to undertake’. Hence the definition of entrepreneurship follows, where an individual or group of individuals turn their dreams, in reality, being innovative and also being their own boss. It is an independent business career choice where you have to take plenty of risks for quality products and services.
Importance of Entrepreneurship
Entrepreneurship is one such term, that has been explained differently everywhere across the web, magazines, and books. For example- According to Forbes, an entrepreneur has been classified as a leader who takes risks, organizes, manages, finances, and ultimately lead his/her team to deliver the most innovative product.
So, now when you have got the basic idea of an entrepreneur, let’s have a look what is its importance in this world.
- a) Provides Extensive Career opportunities
Being an entrepreneur is not just about creating profits and developing a business organization, it is also about opening the path of opportunities to other sectors. For example- If you see the IT industries, entrepreneurs who created it are not just limited to the IT world.
A lot of other sectors like health, Education, Financial, Call centers, Real Estates are also benefitting from it. Starting from a quality website to mobiles application, IT industries have their services everywhere with plenty of career opportunities. Same goes for the telecom industries, fashion industries, and other sectors.
- b) Innovation
Entrepreneurship introduces the world to the new creations in different fields like New ventures, products, manufacturing goods, medicines, financial solutions, Education, Fashion, Glamour and all aspects of our life with their newly invented products and advanced services.
- c) Develops Community Life
Entrepreneurship also plays a major role in community development like creating business opportunities for the homemakers, giving employment to the unemployed, organizing recreational facilities, taking care of sanitation, cleanliness, help improve rural areas educational facilities with funding and plenty of other social works to let people live a healthy life.
- d) Helps in Research and Development
Entrepreneurs often fund universities and research centers to conduct research, thesis and development activities in the newly launched products to test their quality and user-friendliness. As a result, it contributes majorly towards the economy in the process.
Entrepreneurship has a major impact in every sector of this world from political, social, technical to education, community, fashion, and glamour. It is something that revolutionizes the world with its creativity.