Updated: Sep 3, 2021
Entrepreneurs are new rock stars. They are source of innovation and key forces of change in the world. The impact of entrepreneurship on economy is massive mainly because, in cases they are the economy.
Successful entrepreneurs building businesses that actually change the world as we know it. They are constant source of innovation, wealth and job creation machines to drive economy forward.
There is no doubt that entrepreneurs are the source of economic growth. They bring huge amount of capital investment and also creating huge pool of jobs in their respective countries and even overseas as well.
They are not only national treasures, but also international stars that can turn around economic growth and boost productivity.
On the other side, entrepreneurs are heavily investing on social causes and charities and also by investing back into the local communities. In some cases, we have seen entrepreneurs just left their venture and become all in philanthropy to have a greater impact on people's lives.
Also, they are great mentors. By building a chain of mentorship, they try to pass on their legacy and thinking framework to younger more energetic entrepreneurs that are starting their ventures as well.
Now, to be honest, I am fascinated to explore entrepreneurship and startup effect to explore how far we can predict entrepreneurship impact on people's lives.
In this article, I am going to address 8 different reasons why entrepreneurship is one of the most important elements in our economy and how we can encourage this in early years of education.
1. Motivation and inspiration
Building business is hard. And let's face it. There is no secret sauce or any "standard" way of building a venture from nothing.
What we have seen from the most successful entrepreneurs is that they have consistency moved the borders of innovation and the quality of life for people.
In some rare cases, the motivation and ambitions are so high that looks like a sci-fi movie.
The imaginations of a successful founder can change many people's lives and that is why they are true source of motivation and inspiration during tough days.
There is always hope.
Also, here is 70 quotes from Elon Musk to get you motivated during this tough times.
2. They are the business
I love unicorns. Startups and successful entrepreneurs generating new business. But not only that, in the case of unicorns, they are one of the core part of the economy.
Building new categories of business, changing the way we think about problems, innovative ways of reusing existing resources and creating jobs is yet another aspect of great and intentional entrepreneurship.
3. Faster, better and cheaper
Productivity is one of they key metrics that we as humans tried to improve from the dawn of time.
In the ancient days, we tried to hunt more animals in shorter period of time to get more food.
Our ancestors, made better and sharper tools for their hunt.
Later on, when we discovered farming, we tried hard to have better products with less effort.
Today, entrepreneurs putting especial effort on productivity and operational efficiency.
Building faster trains and airplanes, making smarter cars, homes and cities, building faster and more secure software and also building agile businesses that can adapt fast during tough times.
4. Innovation engine
Innovation drives productivity.
But what drives innovation?
It is our knowledge and creativity that drives new thinking and enable entrepreneurs to break old patterns and let them to rethink the way we think about life.
Building upon old habits, these people will not accept the status quote and will not settle for "business as usual".
Innovative entrepreneurs bring us new ways of communication (phone, internet), energy (electricity or solar), and even transportation (shuttles and satellite).
Here is my blog post on 157 Walt Disney quotes to increase your creativity.
We need strong leadership during tough times.
Traditionally politicians made the most important decisions for people.
However, this doesn't mean that they are trained to make the best decisions.
We have always seen that politicians decisions are influenced by "generous donations" from corporates and other personal agendas.
Entrepreneurs are built to made tough decisions with the limited resources that they have available.
Imagine a world running by the most successful entrepreneurs on the planet and each can focus on one aspect of our lives (e.g. education, economy, health, innovation etc.).
Entrepreneurs are not just only about profit.
By bringing new offering and business to the market, they are fundamentally shifting the way that market behave.
Competitors need to adjust their offerings and values according to the market changes and as entrepreneurs are the disruptors, the market players are always revisiting the way they treat their customers.
If there is an underserved market, entrepreneurs are there to serve and bring new values.
With new values, there comes new standards and this is how our living standards are always improving.
7. Philanthropy and community
Greatest philanthropists are entrepreneurs.
Many of them are self made billionaires and they know the value of giving back.
A successful business means food on the table. It means happier employees, and a stronger community. Entrepreneurship has a ripple effect that change - and stabilize the lives of hundreds, thousands, or millions+ of people.
Bill Gates is a great example. After stepping down as Microsoft CEO, he started to impact Africa and raise awareness to shift people's lives.
Also, by giving back to local communities, they are a source of innovation in the community level.
Look at all the user groups that are formed around different technology advancements (e.g. application delivery, data analytics, blockchain, AI, IoT).
8. It is hell of an experience
Entrepreneurship keeps the world from getting complacent and puts the responsibility back on the individual to be the change they want to see in the world vs. waiting for it to happen.
If you look at it from the entrepreneur angel, it a the journey of a life time as well. It gives you a lot of experience almost in everything, it teaches you life lessons, it helps you to implement something (not necessary new) in your style, under values that you wish and if you'll be brave enough it will gift you financial independence.
As you build a business, you are doing things that you have never done before and a long the way, building something that is changing lives.
In my opinion, it is the challenge of a life time.