5 Major Positive Social and Economic Contributions of Entrepreneurship
Article by Marion Belga
Entrepreneurship is the technical term for business. Unknowingly, even if we are not businessmen by profession, it affects our everyday life as a consumer. But what are the roles that it plays in the society as a whole and in the economy? Below are the five major positive contributions it gives to the society and to the economy.1. Entrepreneurship creates employment. When entrepreneurs put up a business, they oftentimes need to hire or employ at least one or two other people in order to get the job done. Some businesses, in fact employ hundreds of workers, so entrepreneurship helps a lot for people to have jobs and earn a living for their families.
Every society wants all its qualified members to be gainfully employed. When individuals are employed, they are able to raise their children, support them through school, provide them with decent homes, acquire medical services whenever needed, and contribute to government income through the payment of income taxes.
2. Entrepreneurship improves the quality of life. Entrepreneurial ventures contribute significantly to the continuous improvement of living standards. The development of new products and the delivery of needed services make life easier and comfortable for society in general.
3. Entrepreneurship contributes to more equitable distribution of income taxes and therefore eases social unrest. When income is evenly distributed, entrepreneurship also grows. People will have more money with which to buy the products and services they need, bringing in more profits to entrepreneur. They may also have enough money to invest on enterprises of their own, thus increasing the supply of entrepreneurs. Income that is evenly distributed means less poor people. The eradication of property will solve social problems like crime, juvenile delinquency, and malnutrition.
4. Entrepreneurship utilizes and mobilizes resources for greater national productivity. A certain country will develop faster economically if none of its resources were left idle or unused. For example, if a country has plenty of carbon reserves that can be processed to supply the needs of industries that manufacture inks and carbons used in digital printing machines and needed for paper productions. Putting up a factory to process carbon does not only utilize the raw material but also feeds other local industries. Aside from that, since it is an own country made products; the cost will be relatively lower compared to exported ones. And if the other countries sees that we produce high quality carbons used in postcard printing, then we have the potential to market for them.
5. Entrepreneurship brings social benefits through the government. With the revenues the government collects from taxes, duties, and licenses paid by the entrepreneurs (not to mention the income taxes the entrepreneurs
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