Entrepreneurs and I am proud to be one of them. With the amount of contribution Entrepreneurs make to the economies of most countries, I am bewildered I don’t see more of them lauded and revered like most celebrities are.
Entrepreneurs must be rewarded, encouraged, empowered and celebrated and this has to happen in any society. Entrepreneurs can change the way we all live and work. Innovators and inventors can change our quality of lives. In addition to all that, successful entrepreneurs act as role models and their business models copied. Make no mistake, Entrepreneurs are important and contribute significantly to every country’s economy and here’s 10 reasons why:
1) Entrepreneurs Create New Businesses: Naturally! Since they are self employed, the only other way to earn a living is by creating a business. Most people start from scratch and create a business they have an interest in, while others can simply buy an already existing business; either ways a new unique enterprise has been formed.
2) Entrepreneurs Create Jobs: By virtue of the fact that they have created new businesses this definitely holds true. The more businesses they create the more staff they need to assist them in running the businesses. From bakers to mortgage lenders, from 2 staff members to hundreds of staff members, entrepreneurs have a habit of creating jobs.
3) Entrepreneurs improve Industry Standards through Healthy Competition: Competition is good, healthy competition is even better. In other to gain competitive advantage, entrepreneurs continually strive to improve their products or services, this no doubt reflects positively on the industry set standard. Car dealers for example might give discounts or allocate points to customers who are accident – free within the first year of purchase in order to gain an advantage over other car dealers. This in turn promotes safe driving which is beneficial to the automobile AND insurance industry. Restauranteurs or Hoteliers could do the same for the Catering and Hospitality industry.
4) Entrepreneurs create new Skills: Think about an inventor with a never before seen product; to promote, market/sell and make a profit from this product, the entrepreneur would have to train other people as to the technicalities of this product. And its not just inventors alone, skills acquisition can range from customer care and services to plumbing and carpentry. The more diverse the scope of the business, the more skills needed to fill the jobs created.
5) Entrepreneurs create Wealth and Empowerment: Developing (and already developed) countries benefit significantly from the wealth businesses bring into their society. From societies in South America where citizens are empowered to grow coffee beans to societies in Africa where farmers benefit directly from Mangoes sold to Europe and America. Entrepreneurs, by creating new products, services and technologies enable markets to be developed around these items creating wealth as a result.
6) Entrepreneurs contribute to the National Income: Entrepreneur must pay taxes (in one way or the other) These taxes go directly to the national purse. It also follows that the taxes businesses pay is related directly to the size of the businesses. In the UK (as at 2014) small and medium sized businesses had a combined turnover of more than £1.6 Trillion. Do you see how much tax will be generated and added to the national purse? Don’t forget, there are countries with more entrepreneurs, thus more businesses. It is why most governments welcome entrepreneurs and their businesses.
7) Entrepreneurs create Social Change: Some entrepreneurs are so cool, they create businesses not to make money, but to effect a change in society through the people they help. Social entrepreneurship (using business techniques to find solutions to social problems) is not a new phenomenon, however it is becoming more pronounced and visible lately. Every society have issues that need solving, some entrepreneurs have thus made it their life’s mission to attempt to solve these problems or at least minimise them. Entrepreneurs have taken on issues like child marriage, poverty, climate change and social injustice. Some of my favourite entrepreneurs with charitable ventures are Tony Elumelu (Tony Elumelu Foundation), Bill Gates (Bill & Melinda Gates Foundation) and Opray Winfrey (Oprah’s Angel Network)
8) Entrepreneurs sustain Innovation beneficial to the country: By introducing new technologies to the market, these cool entrepreneurs can come up with new, creative gadgetry that could even serve their countries. The military can benefit from it (Missile guidance and delivery systems), the health sector can benefit from it (pioneer drugs) History making technologies have been created by entrepreneurs and we all benefit from them even today. Steve Jobs(RIP) – Apple Computers, iPhones and iPads . Bill Gates – Microsoft. Stephen Katsaros is also an Entrepreneur and the founder of Nokero International, which is building a better, longer lasting, and solar-powered light bulb for use by the 1.6 billion people worldwide that live without electricity. Amazing!
9) Entrepreneurs encourage trade networking: By forming and carefully maintaining mutually beneficial trade relationships with other entrepreneurs, businesses and in other regions, entrepreneurs gain knowledge and wisdom from networking which in turn can be applied to their various societies. One of the easiest ways to promote themselves is networking and because it is virtually cost-free, most entrepreneurs engage in it. By engaging in it (networking), they systematically promote it (networking) and their trade to other trades and entrepreneurs and vice versa.
10) Entrepreneurs are the new celebrities: Goes without saying, if Entrepreneurs generally contribute more to the economy than the film or music industry then they must be celebrated like movie or music stars. Some times I go to my local grocery store or take a walk in the park and people pass me by like I don’t exist, I am yet to be pursued for my picture or autograph (except at networking events where I am the Guest Speaker) I am an Entrepreneur and that needs to change, don’t you agree?
So when you see an entrepreneur today, commend them, celebrate them, buy tickets to see them and hear their talks, because they help sustain and improve the economy you live in and make sure you get an autograph because they might be the creators of the next greatest thing.