The word entrepreneur comes from French word “entreprende” which meansundertake.
By this we know entrepreneur is a person who undertakes something,in this case it is mainly risk. Entrepreneur is a person who practices adaring journey, and ready to take risk lifestyle, who takes advantage out ofarising opportunity or chance. He or she also acts as the person who takesdecision who decides on how, what, service, products and goods to be sold. The entrepreneuralso controls and look over the business completely. The entrepreneur usuallyis the one who owns or a sole proprietor of the business.
He or she will alsoown the majority of the shares of the company. An entrepreneur usually seen asinnovator, or a source for goods, new ideas, and service. Heor she typically creates a business plan, hires labour,acquires resources and financing, and provides leadership and management for the business.How entrepreneurscontribute to the economic development of a country? That is the main questionhere. So firstly, the first and foremost thing that entrepreneur contributewould be investment. Now, why is investment is important to a country? People usuallytend to look for new or alternative better resources. So when a new resource isfound those who invest in it even by knowing the risks in it, likeentrepreneurs would create a new business or platform for others to involvethemselves in which will build up the business and later on the country.
Usuallyentrepreneurs take risks and build a new business based on what goods, orservices that are currently needed by the community but haven’t been in the communityyet. This is where the investment made by the entrepreneur starts to contributeto the economy. When new and much needed product or service is in the marketpeople tend to go forward to get it which will stir up the business and theeconomy.
Not only the people, but also other sectors also gain benefit from thenewly found business.Next thing that anentrepreneur will be contributing would be a chance of employment. When an entrepreneurcreates a new business, he or she would be needing more muscles and brains tohandle the production or service. By this, those people without a job will havea chance to get employed and earn a standard income which would help themsurvive and take care of themselves or loved ones. By doing so, theentrepreneur will make the community to be in a better state, and when joblesspeople get jobs, it would uplift the economy which will eventually make thecountry economics better.
Furthermore, nextcontribution would be addition income to the nation. The newly found business whichwas worth the risk, gives out or generates wealth, where else new the alreadyfound business will just maintain its profit. Newly found product or servicewhich were needed by the community will enable new types of market to be foundor developed.by the increase rate in employment and higher earnings, tax thatshould be paid to the government would be high also, which will directlyincrease the economy of a country since tax is the prime factor of a country.Next, would be commerceand regional economic integration. When the new found business exports andimports good and services to and from other countries, which will lead directlyto the country’s economy and earnings.
Countries which always trade with eachother will be off with a better economics. This will also indirectly promotethe relationship, infrastructure and economic relation between the partneringcountries. Moving on to the nextpoint, an entrepreneur can always produce a diverse or different kind ofproducts and services using his or her innovation skills. By having much ofchoices, the customer would be happy to choose from the various choices andwould be happy and wholeheartedly leave the place.
This will create a happycommunity leading to a better economy.Next, entrepreneurs alsoprovide charitable contributions from the profits of their business. By donatinga certain amount of their profits to those who need them, the community becomesa better place impacting on a better economy rather than poor economy due tolack of support those who need them.Lastly, an entrepreneurcontributes directly to a country’s GNP (gross national product). The GNP of acompany is calculated by the total number of services and products in aparticular country. When an entrepreneur, who innovates various amount ofproducts and services the total number of products and services in the countrywould increase resulting in higher GNP.
In my opinion, yesentrepreneurs are agents of change. This is because with their innovation andability to take up risks and turn them in to profit they can change a lot interms of a country’s economy, the standard of community around them and alsohave major impacts worldwide if their business gets into a worldwide market. Overall,they have the power to change lots of things.