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The Importance of Entrepreneurship to the Country

Entrepreneurship is the Heartbeat of America

Entrepreneurship has a significant impact on economic development, much greater than most people realize. According to a report by Babson College, there are 27 million people in the United States who are starting or running new businesses. These people are creating new businesses, industries, and markets for the communities and societies they live in. Throughout history, entrepreneurs have been responsible for remarkable innovations that have changed society and advanced technology. The opportunities created through entrepreneurship bring numerous benefits to society, many of which have been outlined below.

Entrepreneurship creates new wealth

In 2016 there were 585 billionaires in the U.S. A report from Wealth X found that 62 percent of these billionaires were self-made, which means they built their wealth from the ground up. By becoming self-employed, you have the chance to build your own wealth independent of a company that dictates your salary. When you generate a profit for a small business you’re creating new wealth for yourself, your company, and your employees, which benefits the overall economy and gives other people a leg up. 

An excellent example of wealth generation can be seen in the legendary entrepreneur Walt Disney. Disney originally made short cartoons which he screened at the local theater. As everyone knows, however, Disney was eventually able to build his business into a national icon. The business not only created fun cartoons that people came to cherish, but it also made way for other industries and markets to spring up in its path from Disneyland and Walt Disney World to Disney Plus, and more. 

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Entrepreneurs drive innovation

People who decide to take the leap into self-employment are bold leaders who think outside the box. They’re willing to step away from the traditional job role to create something new from scratch. People with an entrepreneurial mindset are innovators who understand the potential found in a unique idea. The original concepts created by entrepreneurs have led to the development of amazing advancements and made significant impacts in people’s lives.

Elon Musk is an example of an entrepreneur making waves in the world with his innovations. Tesla Motors, one of Musk’s companies, is leading the way in the transition to sustainable energy by producing high-tech electric vehicles that are changing the car manufacturing industry. With the help of Tesla, it’s possible to envision a future where all vehicles have made the switch to electric energy and gas cars are a thing of the past. 

Entrepreneurship supports the local community

You have to start somewhere when building a business, and most entrepreneurs start with their local community. They do this by building their business local and investing in various community projects. The new small business then brings in customers to the area and creates more traffic for other local businesses. 

Many entrepreneurs also invest back into their community by supporting local charities and partnering with nonprofit organizations. An example of this can be seen in Bill Gates. He and his wife created the Bill and Melinda Gates Foundation to help improve the lives of people living in severe poverty. The success these entrepreneurs generated is being shared with not only their local area but also other parts of the world in desperate need of assistance.  

Entrepreneurship creates jobs

Building a business is typically not a one-person job. As an enterprise takes off, the leader of the organization builds a team of employees to help with various duties. The more successful a business is, the more job opportunities are created. This is extremely important to local economies as job creation means a lower unemployment rate.  

Another benefit of startups and small businesses is that they create numerous entry-level jobs for unskilled workers. College graduates and other people with little job experience can gain valuable skills and experience by working with entrepreneurs and growing a business from scratch. Developing this unskilled labor market is a benefit to society and the livelihood of the employees. 

If entrepreneurs didn’t follow their dreams and pursue their passion, the world would be a very different place. Everyone has something special and unique to offer, it’s just a matter of choosing a business idea and pursuing the opportunity. You may think your idea isn’t important or that entrepreneurs can’t make a difference to the community, but you’re sorely mistaken. Every country needs entrepreneurs, self-employed workers, and small business owners to thrive. If you have a great idea for a small business, stop holding it back and become your own boss already. 

Check out resources or contact Ace Spencer if you’re interested in receiving coaching or consulting for starting or growing your small business or side hustle.

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