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IMPORTANCE OF ENTREPRENEURSHIP
Entrepreneurship is very important for the following reasons:
It results in the creation of new organisations.
It brings creativity into the marketplace.
It leads to improved standards of products.
It helps to develop the economy of a country.
It increases employment.
ROLE AND REWARDS OF ENTREPRENEURSHIP
Entrepreneurs are national treasures and should be encouraged and rewarded, as they create new
opportunities, jobs and wealth as well. Entrepreneurship is a tough choice but after the initial struggle, its
rewards are priceless. It has been seen that an entrepreneur may struggle hard to build his business but we
must realise the fact that they are doing a lot more for the community, state, region and the country as a
whole. For example, creating wealth, creating jobs, balancing regional developments, improving DP and per
capita income, standard of living, exports to other countries and community development, in this way we can
minutely examine the role of Entrepreneurship.
Entrepreneurs should be aware of the fact that they can only choose to start a business when they are
enlightened with the thought. Starting a business at its initial phase might suffer, work hard and even
cause repentance. It begins with various challenges such generating a business idea or choosing a product,
financing, hiring employees, team building, delegation of tasks and many more. Besides all these, it also
includes some risks. Such as systematic risks like market risk, interest risk and purchasing power risk and
unsystematic risks like business risk and financial risk. Hence, we should realise that it is not always necessary
that an entrepreneur will earn profit at a very initial state of his business. Well, that was from a negative
point of view but it is also a fact that the rewards of entrepreneurship can justify its hard work, accepting all
the risks and can be rewarded with satisfying work, happy customers and eventually profit. The rewards of
entrepreneurship are as follows:
Be Your Own Boss
Entrepreneurs are independent to take decisions for their business without being answerable to anyone. They
build their team and decide the path where they want their business to head.
Do What You Enjoy
If one enjoys what they do then no other thing can stop you to succeed. It is often seen that most of the
profitable decisions are made by entrepreneurs when they took the decision wholeheartedly or only when
they are enjoying their work.
Be Creative
It requires implementing new and unique ideas. In this way, one can shape any situation the way they want.
Creativity in business has always worked for benefit.
Building an Enterprise
It has been seen that the entrepreneurs who had worked in a related business end up having their own
enterprise. Building an enterprise will not only be self-development but will also contribute to the economic
growth of the country.
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