How Entrepreneurs Help In Economic Growth
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Entrepreneurship is one of the most valuable human resources for developing a country. Entrepreneurs' ideas and innovation are far more impactful in stimulating economic growth than the decisions made by government leaders. Entrepreneurs can be a source of huge economic growth for a country.
This can be even more pronounced in a developing country, where poverty remains a global challenge and most of its population has low levels of education.
The implications of developing entrepreneurial skills in the youth of developing countries have become more compelling. While many government leaders promote large-scale infrastructure projects, developing countries in particular have begun to place their economic bets on startups and small enterprises.
There are numerous benefits for promoting entrepreneurship among young people
Firstly, most of the products, services, ideas and innovations created by young entrepreneurs are the next big thing, and will make a huge impact on society and the world. Young people often have better and more innovative ideas than most of the government leaders, business leaders and other adults.
Entrepreneurs, when provided with the right environment, opportunities, motivation and funding, can create the next big thing in the technology sector, social space, the economy or any other sector.
The growing number of youth living with inadequate access to education and training has put them at a huge disadvantage, when it comes to developing innovative and disruptive ideas. The quality of education and training provided to young people remains insufficient, and this negatively affects their capabilities to create new jobs and participate in national development efforts.
Entrepreneurship skills and empowerment programs such as the Young African Leaders Initiative (YALI) and the Golden LEAF Foundation create the necessary support to address these problems.
However, economic growth depends significantly on entrepreneurship in the rest of the economy as well. In developed countries, it is the case that government policies and programs have a big impact on overall economic development.
Good entrepreneurship skills and management practices
Contrary to popular belief, good entrepreneurship skills and management practices will not just create new jobs and improve the lives of individuals but also have a big impact on the economy. In a country like South Africa, where unemployment remains a huge challenge, a growing number of youth feel frustrated and alienated from society and from their government.
These young people will lack the self-confidence and the skills to change the status quo and take on a challenging economic challenge. By equipping them with the right skills, the government can empower a new generation of young people, who are better equipped to create more opportunities for themselves and build better lives for themselves and their families.
Educating and training entrepreneurs is therefore one of the ways in which South Africa can help young people develop the required skills to become entrepreneurs, and thus contribute to economic growth in a meaningful way.
Young people should no longer be viewed as a burden on society. Rather, government policies should place a greater focus on building and growing the capabilities of young people, in order to transform the economy and contribute to the future of South Africa.
Today we live in a world that is dominated by technology. Today the lives of consumers are organized according to their use of technology. Technologies are eliminating the barriers that have helped us to divide our human life into several niches where we have been able to separate ourselves in different types of working spaces. While many jobs are being eliminated due to the impact of technology, many other jobs are being created thanks to technology, which is redefining the existing world order.
Sukumar Nagender, Co-founder and CEO, Servify
Technology has made our lives easier in all the fields, including the digital ones, as a result of which the world has been seeing a exponential growth in terms of adoption and usage. The digital world is bridging the divide and connecting people across the globe at a personal and local level.
On the other hand, technology also provides a framework for creating innovative, faster and better processes which we take for granted. For example, it is taking away the dependency on call centers and replacing it with real-time customer support, resulting in a lower cost of operations for organizations.
The fast adoption of the technology by many organizations, coupled with its flexibility, has resulted in their betterment.
Rituraj Sahu, Co-founder and CTO, Delhivery
When I think about entrepreneurs in India, I believe that entrepreneurship plays a major role in taking India to the global stage.
People with entrepreneurship in their blood are rare, and yet the great entrepreneurs possess the quality of loving their work. Entrepreneurs are curious and want to know about new ideas, innovations, and wants.
They will also learn new things and push themselves to understand the world, and thereby, the world’s needs. They always want to learn new things, and as a result, are the best at making big decisions.
Ajith Kumar, Managing Director, Irie F&B Pvt Ltd
Entrepreneurships are all about dreams and visions. It is a team effort of trying to provide maximum value to the customers.
The role of a business manager is extremely important and requires lot of knowledge and skill to run the business efficiently.
The team should also work together to build the dreams and visions of the entrepreneurs. I think entrepreneurs in India have a lot to learn from each other to build a business.
Abhishek Baxi, Co-founder and CEO, Livspace
The largest number of startups comes from a country where education is not easily accessible to people. Therefore, the quality of entrepreneurs is higher.
We have a lot of entrepreneurial spirit in India which has led to such number of entrepreneurs. In the last five years, we have had around 300 entrepreneurs starting their business in the country.
The growth of these startups has accelerated with various incubators coming up all over the country. We have also seen that incubation culture is on the rise.
As we know, it is not possible for all startups to survive the entrepreneurial journey, however, those startups that have survived are the ones who have learnt how to deliver value to customers and markets.