The Influence of Entrepreneurship on Economic Growth

Globalization has led to an abundance of options, making the new horizons to discover. With the progress came a choice which was seen from the ages but still held next to zero value under the domination of the job-oriented country. Play it safe, is always what is advised no matter the circumstance. Introduction of entrepreneurship turned the tables and now, everywhere there is an individual or a group of dedicated members who seek a problem, an unmet need and address it, thereby establishing a solution, locally or globally. The activity of setting up a business or businesses is broadly known as entrepreneurship. Entrepreneurs are often thought of as national assets to be cultivated, motivated. Great entrepreneurs have the ability to change the way we live and work. Their innovations improve standards of living, and in addition to creating wealth with entrepreneurial ventures, employment is created which boosts economic growth.

Entrepreneurship is undertaken by entrepreneurs for one of the reasons: they find a market niche and have the solution; they have been unable to find suitable employment or a suitable means of income and therefore have resorted to using their creativity to generate an income for themselves; or they have the technical knowledge that exceeds their current level of work, autonomy is then required from them to flourish and the financial resources necessary to generate income by satisfying a need in the marketplace. Innovation is what they bring to the table and their ideas, aspirations bring a change in the economy.

New businesses need to hire employees. The creation of jobs and the economic opportunities uplift and support communities throughout the country, increasing the quality of life and overall standard of living. One of the most positive impacts that entrepreneurs make on an economy is job creation and the reduction of unemployment levels. In a country like India, where the problem of unemployment is highest in the years, entrepreneurship is being encouraged to kick start the lull in economic growth.

This encouragement leads to increased competition in the citizens, forcing them to come up with ideas of their own, making the populace creativity and productivity. The competition impacts how the development of the product is progressing given the use of resources more efficiently, reducing the cost of production and making the product available in the market at the lowest price. The rivalry enables to dislodge monopolies, which in turn works in favor of the population, lifting the growth of the economy.

The competition, innovation, and productivity enable entrepreneurs to address the socio-economic, environmental problems. Through offering unique goods and services, entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. Innovative business practices create efficiency and conserve resources. For a country like India, which relies heavily on the agricultural sector, innovation in agriculture is especially relevant for addressing socioeconomic, environmental challenges. Economic growth is driven by new technologies and creative applications. To think of innovative products, it requires an educated population and an environment where collaborative work can take place. This leads to the growth of social harmony in addition to being good for business, education increases workforce creativity and quality of life.

Due to globalization, entrepreneurs often tend to look for markets that are outside of their domestic sphere thus generating foreign revenue and increasing the prosperity of the economy as a whole, producing new market places and raising the national wealth of the country.

Entrepreneurship is dependent on access, availability, and participation. For entrepreneurs to bring new ideas to life, they need access to education and freedom to experiment and test their products and services. With the right atmosphere and aid from the government, Entrepreneurship can bring a vigorous enhancement to economic growth.