Urvashi Sahni is the founder and Chief Executive Officer of SHEF (Study Hall Education Foundation)—an organization dedicated to offering education to disadvantaged girls in India. She is one of the most widely recognized names in the field of social entrepreneurship. Several entrepreneurs, like Sahni, have made a difference in society by taking the initiative and dedicating themselves to social change.
Read on to explore the importance of entrepreneurship in modern times and how it’s changing society and ultimately, the economy.
Entrepreneurship In A Nutshell
The concept of entrepreneurship has been around for several years now. So why is it that we’ve seen a sudden growth of small and startup businesses only in recent times? Innovation and digital advancements have accelerated the need and significance of entrepreneurship. It has brought forward-thinking individuals to the fore who possess the drive to turn a business vision into reality.
Entrepreneurship is defined by several core characteristics, namely
Businesses need to constantly meet the dynamic demands of the industry. In entrepreneurship, you need to keep an open mind and embrace changes as they come. You must be prepared for all kinds of risks and opportunities.
A majority of small and startup businesses start with innovative ideas. In a digitally-driven world, technological business solutions can solve challenges with greater efficiency and effectiveness.
Starting a new venture is always going to be risky. There are multiple factors that determine the success of a new business. There should be proper plans and resources in place to navigate and overcome risk factors.
Exploring The Nature And Importance Of Entrepreneurship
Entrepreneurship is an important form of business organization as it creates job opportunities, enhances social welfare and boosts the economy. The significance of entrepreneurship can be seen in the ways it brings people together, solves challenges people struggle with on a regular basis and builds something revolutionary to advance society. The action lies at the heart of entrepreneurship as individuals take ideas and execute them.
There are several benefits that highlight the importance of entrepreneurship.
Entrepreneurship creates entirely new markets. The success of products and services leads to other businesses. Not only do businesses invest their own capital but also attract capital from the market. This capital pool forms the basis of wealth creation in a country. Therefore, entrepreneurship contributes to a nation’s economic development.
With innovation, digitally-enhanced processes are minimizing dependence on outdated procedures. For example, several financial technology (fintech) enterprises have replaced the time-consuming steps needed to access banking and financial services. Therefore, innovative products and services are changing the way of life.
In this golden era of startup businesses, as new opportunities continue to arise, the need for new skills and knowledge becomes a priority. We, as a society, are leaning towards change as we encourage lifelong learning and training programs.
Better Standards Of Living
Entrepreneurship helps create productive organizations that produce goods and services easily available to people. For example, free mobile applications are readily available on online stores that anyone can access. Technological advancement and accessibility of resources is a positive indicator of better living standards.
Creation Of Opportunities
Entrepreneurship creates a new business from the ground up. An entrepreneur is only able to drive their mission and vision when there is an effective team driving growth and profitability. Therefore, the importance of entrepreneurship primarily lies in the creation of new jobs and career advancement opportunities.
Successful entrepreneurs understand the importance of entrepreneurship skills that define the scope of entrepreneurship. Consider developing your own leadership and managerial qualities if you want to create and run your own business.
The Flip Side Of Entrepreneurship
Entrepreneurship comes with its own set of challenges. Here is a list of some of the most commonly recurring challenges faced by entrepreneurs.
When you’re your own boss, you play multiple roles and shoulder various responsibilities at the same time, making it difficult to strike a healthy work-life balance
Entrepreneurship relies on self-direction and motivation; unless you have a strong support system to back you up, it becomes difficult to keep up
Not all business ideas take flight; you need to have an innovative breakthrough to make the cut
While entrepreneurship may have its bittersweet moments, it’s important to remember that entrepreneurial qualities are life-altering. Whether you’re chasing your dreams or someone else’s, never underestimate the power and importance of entrepreneurship skills. Get on the path of self-improvement by becoming the very best version of yourself. Harappa’s Leading Self course will help you realize your true potential and overcome limiting beliefs. The Iceberg Model and Performance Equation frameworks will teach you how to navigate obstacles and recognize areas of improvement. Channel your inner entrepreneurial qualities with Harappa today!
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