In today’s world where the economy fortunes of nations are dependent on its production strength, education is becoming redefined at both the national and international level
Gone are the days of white collar jobs as a major priority, where people go to school with the hope of graduating into the waiting arms of white collar jobs, both in the public or private sector.
Nations are now more concerned about the quality of education that will provide opportunities for employment and generate income to both the individual and the nation at large. And not the type of education that tends to produce ‘consumers’.
However, we will be looking at the importance of entrepreneurship, but before then, what do you understand by entrepreneurship? Does being an entrepreneur limited to some specific group of individuals? Well you can find answers to these questions in my article that says everyone can become an entrepreneur
Furthermore, if you are a young individual and you are reading this, consider yourself very lucky because you are on the right track. There are every reasons why you should strive to be an entrepreneur at your young age
Entrepreneurs rule the world now. Take for instance, in the present economy situation of Nigeria, we need more entrepreneurs to be able to strengthen the nation. In countries like Brazil, Russia, India, China – impressive growth has been driven by a veritable entrepreneurial revolution.
The role of entrepreneurship in economic development has been the focus of a two-year United Nations University World Institute for Development Economics Research (UNU-WIDER) project, which resulted in the recent book ‘Entrepreneurship and Economic Development’. This book (available on Amazon here) has been described as “the single most informative work on the topic of entrepreneurship and economic development in print”.
Find below some reasons why entrepreneurship is very important.
1. Entrepreneurship creates job opportunities for others: Just as the saying goes, “no man is an island”. Such statement also applies in entrepreneurship. When an entrepreneur starts a business using his financial assets, he must hire people to work with him. Hence, as time passes, there may be a reason for expansion, he starts a huge business, hence creating more job opportunities for people.
2. Entrepreneurship cause economic growth: By creating job opportunities for people, an entrepreneur provides
wealth to the people. There is every tendency that they may also divide to start their own business with innovation like providing the best quality product within low price so that people can save their money and get the best product. This strengthens the economy of a country. For this purpose Government also welcomes entrepreneurs to start their business.
3. Entrepreneurship provides strength to small business: Most of the time, entrepreneurs prefer to invest their money in small businesses. Such activities of the entrepreneurs provide strength to the small business. So the niche markets flourish providing strength to the economy of the country.
So entrepreneurship can be categorized as investment and it is very important for a country to flourish its economy. For this purpose, governments of many countries support entrepreneurs. Thus, entrepreneurship may spur economic development if appropriately supported and taken as a national issue