Entrepreneurs arepeople who set up a business. An entrepreneur can be someone who sets up theirfirst online store or just a start-up freelancer. Entrepreneurs are the world’sbiggest transformers. For example, Bill Gates and Steve Jobs, making computerparts, imagining the world differently. Entrepreneurs are often superhumans. Theyare smart, creative and ambitious.
They create jobs for people, create a changein the system, and give back some of their fortune to the society to grow. Entrepreneurs contributeto their country in many ways. Let’stake a look on how they contribute to the economic development of a country.
Entrepreneurscreate new businesses according to people’s needs and demands. Thus, theycreate an opportunity to provide a product or service don’t exist at themoment, or otherwise available. Economists refer to these entrepreneurs as “opportunity”entrepreneurs to differentiate them from those who create businesses for lackof better work opportunities. These “opportunity” entrepreneurs launch newenterprises according to market needs, are the key players in fosteringeconomic growth in a region. More goods and services will be at their disposal.’When entrepreneursopen a new business, they need to hire employees. They create jobs for othersand these opportunities lift and support the community through increasing thequality and standard of the employees’ life. Thus, the employee can meet his orher needs easily.
The government of India has launched great programs such as “StartupIndia”to promote and encourage new entrepreneurs, and “Make in India” program whichattracts foreign companies into their economy. All these creates lots of jobopportunities, and helping in augmenting their society’s standards to globallevel. Moreover,entrepreneurs bring up a balanced regional development by setting up businessesand industries in less developed and rural areas. The growth of business inthese areas leads to improvements of the infrastructures such as better roads,stable electricity and water supply, airports, rail roads, schools, hospitals,and other public or private services.
Every business that set up in backwardareas leads to both direct and indirect jobs, helping in lifting regionaleconomics in many ways.Nevertheless,economic development doesn’t always turn into community development. Community developmentneeds infrastructure for education and training, healthcare and other services.For example, we need highly educated and skilled workers in a community toattract new businesses. Azim Hashim Premji, the Chairman of Wipro Limited, is agood example on how this kind of community development can be promoted. Azimdonated Rs. 27,514 crores to promote education through Azim Premji Education.