Proverbs 14:23 – “In all toil there is profit, but mere talk tends only to poverty.”
What Is Entrepreneurship?
The term entrepreneurship is derived from a French word ‘Entreprendre’ which means ‘to undertake’, ‘to pursue opportunities’, or ‘to fulfill needs and wants through innovation and starring businesses’. The word first appeared in the French dictionary in 1723.
The process of setting up a business is known as entrepreneurship. This process automatically challenges incumbents to do better in research and development during good economic times.
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business or procedures.
Importance To Market Trend
The main importance of entrepreneurship is the creation of job opportunities, innovation, and improvement to the economy.
Entrepreneurs act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic and social developments.
Many entrepreneurship resulted in new industries and/or combinations of currently existing inputs. One such example of this was the combination of the steam engine and the wagon to produce the horseless carriage.
World Entrepreneur’s Day
Every year, August 21 is celebrated as the WED; World Entrepreneurs’ Day. The purpose of the World Entrepreneurs’ Day is to create awareness for entrepreneurship, innovation and leadership throughout the world.
WED creates more opportunities and encouragement to push philanthropic, social and ethical business practices via conferences, awards and initiatives. AIBA, the Alliance of International Business Associations invites everyone to organize happenings around the world to promote WED.
WED is also the perfect day to celebrate the people who took the risk and started a business alone. It is the day to applaud founders, managers, producers, contractors, industrialists, innovators, marketers, administrators, designers and producers, to name a few.
National Entrepreneur’s Day
National Entrepreneur’s Day is an annual event occurring in America, on the third Tuesday of November. It set out to honors Americans who have built an empire from absolutely nothing. Radical inventions by brilliant minds that have shaped the way we live today, and in the future.
America, though considered the most entrepreneurial country in the world, didn’t already have a day dedicated to recognizing entrepreneurs. So in 2010 entrepreneur Siamak Taghaddos started a petition to create a National Entrepreneur’s Day.
Six months and thousands of signatures later, President Obama proclaimed the last day of 2010’s World Entrepreneur Week as America National Entrepreneur’s Day.
Entrepreneurship is important to economic development. The benefits to society is greater in economies where entrepreneurs can operate flexibly, develop their ideas, and reap the rewards. To attract productive entrepreneurs, governments need to cut red tape, streamline regulations, and prepare for the negative effects of layoffs in incumbent firms that fail because of the new competition.
Entrepreneurs often challenge incumbent firms, and while this might seem undesirable, unchallenged, established firms tend to become complacent. After a while they are content to take their profits without investing in research and development to improve their businesses. These stagnating firms are the first to suffer when improvement arrive because they are unable to respond to the competition.
By developing novel products or increasing competition, new firms can boost demand, which could in turn create new job opportunities and reduce unemployment. Entrepreneurs are the fresh blood that motivates and keeps economies healthy and flourishing.
Innovations And Economic Growth
Entrepreneurs often create new technologies, develop new products or process innovations, and open up new markets. There are many examples of radical innovations such as (eBay), (Google), (Oracle), (SAP), (Microsoft), (Apple), (EasyJet), to name just a few which were introduced by entrepreneurs
Radical innovations often lead to economic growth. Entrepreneurs who bring innovations to the market offer a key value-generating contribution to economic progress. Compared with incumbent firms, new firms invest more in searching for new opportunities.
Incumbent firms often miss out, sometimes intentionally, on opportunities to adopt new ideas because of the fear of cannibalizing their own prevailing markets. For inventors and innovators, who sometimes come from established firms, setting up their own business often appears to be the only way to commercialize their ideas.
By establishing new businesses, entrepreneurs intensify competition for existing businesses. Consumers benefit from the resulting lower prices, better quality and greater product variety.
A change in the ranking of established firms by number of employees indicates a transfer of market share and higher market mobility. This effect is particularly strong when considering entrepreneurial activity before start up.
Furthermore, new business formation has an indirect competition-enhancing effect by pushing established firms to improve their performance, product and price.
Positive Employment Effects
Entrepreneurs stimulate employment growth by generating new jobs when they enter the market. Research has shown that there is a direct employment effect from new businesses that arises from the new jobs being created.
Following this initial phase, there is usually a stagnation phase or even a downturn as new businesses gain market share from existing firms that are unable to compete and as some new entrants fail. After this interim phase of potential failure and displacement of existing firms, the increased competitiveness of suppliers leads to positive gains in employment once again.
About ten years after start-up, the impact of new business formation on employment has finally faded away. This type of wave pattern has been found worldwide. If you have something to offer the world you can start now.
Happy Entrepreneur’s Day!!
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