Entrepreneurs are national assets to every country that should be nurtured, promoted, motivated and remunerated.
Entrepreneurs I believe are the life-wire of every economy, they can change the way we live, make life more comfortable and livable, they increase the standard of living, they increase revenue for the government, they do not only create wealth, but also create jobs, good business environment and all necessary conditions for a thriving economy.
Below are 6 reasons why entrepreneurs are catalyst in every economy:
They Add to National Income:
Entrepreneurs create wealth through their ventures, through innovations and creativity and healthy competition, they create new products and service, create new markets, thereby making wealth abundant. This definitely have a ripple effect on the economy with increased employment, higher employee earnings which contribute significantly to national income in form of tax and increased government earnings and spending.
Corporate social responsibility (CRS) is the heart every business. I know there have been school of thoughts with different argument if businesses should be independent of CRS or not. I believe vehemently that business is not complete without given back to the community where you have made profit. Business is not an end in itself but a means to an end. For further understanding see this article: The Purpose of business is not to Make Profit.
Great entrepreneurs of all time have given back to improve not just their community but the world. Famous entrepreneurs like Warren Buffet and Bill Gates have used their finances to facilitate community development, community health, education, among others. This entrepreneurs have validated my belief that business is not an end in itself, rather a tool to fulfill and agenda.
They Create Confidence in Investors:
The economic well-being of a nation generally depend on the performance of such economy’s GDP (Gross Domestic Product). The Jobs entrepreneurs create are vital in the GDP equation. A strong and vibrant economy makes investors confident of their investments, investor are even more interested to invest during a recession. The more the entrepreneurial activities in a recession, the more the chances to get out of it. All investors around the world look out for is a profitable business environment to invest – entrepreneurs gives these investors all the confidence they need to invest.
Entrepreneurs Create New Technologies:
Technological revolution is another very important means to create a vibrant economy, we see that evidently in a country like Rwanda. Kigali the capital city of that country was known for subsistence farming two decades ago, the massive introduction and investment in technology by entrepreneurs is bringing the nation to global eye for more investments, hence making Rwanda be one of the fastest growing economy in Africa.
Entrepreneurs come up with new technological ideas, create new products and services. Bill Gates founded Microsoft, Steve Jobs founded Apple Computers – these two individuals led to the creation of millions of other software programs will have today. Needless to talk about Mark Zukerberg with Facebook, or Jack Ma with Alibaba.
Entrepreneurs Create Jobs:
There is nothing more fascinating than knowing that Entrepreneurs create jobs not the government. I particularly believe that the government is only responsible to create an environment where there are many business opportunities. I can’t over say this – entrepreneurs create jobs and not the government.
Entrepreneurs buys raw materials – buying this create jobs, they also need to turn raw materials into finished goods and services – this also create more employment opportunities. The cycle keeps going on and on from buyers to suppliers.
Entrepreneurs are needed in every economy to make it thrive. I have always believe and will always say that the only revolution Nigeria can experience is an economic revolution. We need entrepreneurs in Nigeria and Africa more than never before. What the government of Nigeria should focus on is how to create a business environment by creating thing that can drive the economy. 24 hours electricity supply alone can boost the Nigerian economy 100%. Nigerians are industrious people, we can make it happen.
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