Overview of the Contributions of Entrepreneurs to National Development
Imagine a situation where there are no vehicles, aircraft, trains, or ships for the movement of people from one geographical area to another, as well as laptops and smartphones with relevant software for communication, and other electronic gadgets and their importance to humanity.
The world would have become a dark place to live, and everybody would have been living a life of darkness.
Humans are endowed with knowledge, wisdom, and the ability to be creative and continue to create whatever they want to make lives comfortable for their existence on earth.
Wisdom which is the appropriate usage of knowledge, has made man creative and has been able to create material that will make life comfortable for human existence.
The inquisitive nature of man about the evolution of objects and how they came into existence is another factor that has aided material creativity.
Man has found a way of coming up with new materials and technology that will be able to replace traditional materials that are less efficient and effective.
The creation of these high-quality materials has attracted a lot of monetary value to man and the inventor respectively.
The inventors of these high-quality materials are successfully running it as a business and are earning a living through it.
These individuals who can convert their excellent business ideas into investment opportunities that have become a major success of livelihood are called entrepreneurs.
Entrepreneurs according to the National Open University of Nigeria (2020) are individual who undertakes, operate a new business, and bears the inherent risks.
From the invention of bicycles, vehicles, and trains, to computers and computer software, the roles of these individuals in monetizing their creative ideas and contributing to National Development cannot be overestimated.
This article is created to x-ray the contributions of entrepreneurs to National Development.
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Contributions of Entrepreneurs to National Development
Some of the Contributions of Entrepreneurs to National Development are:
They Stimulate Economic Growth and Development
Global development in science and technology, business, finance, and what have you cannot be possible without the contributions of entrepreneurs, in every sphere of human endeavor, entrepreneurs play significant roles in economic growth and development.
All Countries across the globe can testify to the contributions of entrepreneurs to the improvement of gross domestic products.
In every aspect of the countries’ economic development, entrepreneurs have helped to create one or two products and services that have added to the countries’ total goods and services produced by the countries over time.
As human taste and fashion keep evolving more products and services will be added to the total goods and services produced over time and have more comparative advantage over.
Production and marketing cannot be possible without the contributions of entrepreneurs to the total value of goods and services manufactured in that particular country.
The gross domestic product can be referred to as the total value of goods and services that are produced in a country in a particular time usually a quarter or a year.
The presence of creative entrepreneurs in technology, finance, commerce, communication, and so on has a significant impact index of the economic abilities of the country with a higher level of entrepreneurs.
Many countries around the world have their economy driven by the presence of entrepreneurs with a lot of them producing and engaging in services increasing the gross domestic product (GDP) will receive a boost. All these account for the Contributions of Entrepreneurs to National Development.
Reduction of High Rate of Poverty
Incubating a business idea and building investment opportunities from it, has the potential of making individuals self-reliant.
Venturing into business opportunities is a game changer with the ability to lift individuals from negative economic circumstances to the ability to generate means of livelihood.
As the world population increases geometrically with an attended increase in the level of unemployment many countries the government can no longer provide employment opportunities, and as the unemployment swells many individuals and governments have continued to think outside the box thereby giving room for entrepreneurs to create and invest in business opportunities that left citizens out poverty and continue to provide reasonable streams of income.
The contributions of entrepreneurs have helped in the creation of many entrepreneurship ventures that have the potential to reduce poverty and increase the living standards and quality of life of the citizens. These illustrations show the Contributions of Entrepreneurs to National Development.
Reduction in Crime Rate.
Creating Opportunities is very important, individuals who can create reasonable sources of Income for themselves will be able to take adequate care of their daily needs.
The need of an individual varies from time to time, and resource is required to handle even the necessities of life.
The need for food, water shelter, and love is a necessity that requires huge financial responsibilities, one must have these needs satisfied before aspiring for a higher need as stipulated by Abraham Maslow.
Reduction in crime rate is one of the contributions of entrepreneurs to National Development because when an individual needs resources to handle his necessities like the one mentioned above, and when the resources are not available, the individual is bound to source for self-help anyhow, which may result in crime.
All human beings need money for their necessities of life and Entrepreneurship is a veritable tool that will translate to job creation.
When individuals have well-paid jobs, the situation when an individual is involved in both petty and vicious crime rates will be reduced. but whenever an individual has no means of livelihood they are predisposed to conditions that drive people to crime and criminal activities.
Improvement in Public Rating and Relevance of Higher Institution
In developing countries, more emphasis has been given to courses that do not involve having the capacity to make one self-employed after graduation.
But recently, higher institutions and universities mainly those in developing countries have begun to recodify their courses toward skill acquisition for self-employment. Even entrepreneurship studies have become a course of study in most universities in developing nations.
In developed countries, on the other hand, a better atmosphere is created for entrepreneurs to increase and increase the rate of employment opportunities.
Universities and higher institutions have continued to run courses and programs that are capable of producing graduates who are of letter skilled or relevant to the economic development of society.
The advent of entrepreneurial courses and programs for graduates has begun to equip students with relevant job skills and competencies that will begin to create jobs for themselves and others.
These contributions of entrepreneurs to national development have helped to promote the impact of entrepreneurs across the globe, and the relevance of our higher institutions will begin to improve.
Reduction in Rural-Urban Migration or Immigration
Reduction in Rural-Urban Migration or immigration is another contribution of an entrepreneur to national development, The movement of people from one place to another or from one country to another will be reduced when individuals find themselves an ideal business that is capable of generating revenue.
The movement of people from developing countries to developed in search of greener pastures or well-paid jobs could be solved if those individuals find themselves creating and managing a business. Most giant organizations that we have now grown from small and medium-sized scale business
Many opportunities abound in rural areas because agricultural venture thrives well in rural communities, creating an ideal agricultural venture in a rural area could be a good source of livelihood which can reduce the impact of Rural Urban Migration or immigration.
With an ideal entrepreneurial venture rural-urban migration or immigration to other countries in search of jobs will be reduced. These abilities account for the contributions of entrepreneurs to national development.
Career Re-orientations
The a need to ensure that all individuals have an extra source of income compared to their main source of income as well as to ensure that every individual has something to do to ensure the necessities of life.
Entrepreneurs provide training and retraining for youths, school dropouts, students, and so on with a lot of support that will enable them to set up small and medium-sized businesses that will facilitate income generation.
The contributions of the entrepreneur to national development will change the orientation of the individual from paid employment to self-employment.
Re-orienting the youths, school dropouts, students and so on will help inculcate the spirit of perseverance that will help them persist in any business venture they embark on.
Entrepreneurship helps to change the opinion of people from earning monthly salaries to the creation of ventures that guarantee stable sources of income or pursuing a career in education that will help graduates acquire appropriate skills in technologies that will enable them to become self-reliant. Career re-orientations form one of the major contributions of entrepreneurs to national development.
The Transition From Traditional to Modern Economy.
The world wouldn’t have been where it is today if entrepreneurs had not come up with various inventions and discoveries that have positioned the world where it is today. The presence of entrepreneurs in the world has helped discover many technologies that have made life a better place to live.
Invention and discovery have led to breakthroughs in technologies, communication, agriculture, and business that have transformed the world positively.
Sophisticated technologies today have helped to create a smooth transition from the traditional economy to an industrial economy, which aids the contributions of entrepreneurs to national development.
In conclusion
The roles of entrepreneurs in national development cannot be overemphasized. Entrepreneurs have helped contribute to National Development by transitioning a traditional society to a Modern Economy, Career Re-orientations, and Reduction in Rural-Urban Migration or Immigration.