Why is Entrepreneurship better for India?
Entrepreneurs are the national assets for the country. They should get constant motivation, remunerated, and cultivated so they can focus on their work and grow. Furthermore, entrepreneurship is important for India’s growth and development. There are large numbers of innovative products developed by young minds that have positively changed our lives. Innovators are better for our country India, and they can bring employment and economic prosperity.
Why is entrepreneurship important?
- Create jobs: The concept of entrepreneurship associated with job creation in the country. Many jobs are available for the educated youth once a person starts the business. Entrepreneurs look for innovative domains to start their businesses. Fox Example: Byju’s-The Learning App provides educational content in video form to students with more than 8000 employees working in the company. The entrepreneurs’ are making a significant contribution to the growth of the country’s economy. They earn profits from their business and open the doors of opportunities for the other businesses to grow. Therefore, it improves the life quality of the people.
- Improvement in the living standards: It is a dynamic journey of entrepreneurship. The entrepreneurs provide creative solutions to the problems of the people. They bring some improvements in the living standards of the people through their creative ideas. Company launches better products in the market. It increases the level of competition. The customers buy the better products. Therefore, it will increase the efficiency and quality of the products. Other competitors will work to improve the product quality.
- Introduce changes in society: Entrepreneurship brings positive changes to society. The company hires employees to work for them. They can spend their money in the local stores, so it helps the local businesses to grow. Anyone business grows in the country. It helps other local businesses to grow as well. Some business organizations have highly skilled people working with them. It creates the demand for the creation of the institution to guide the people and train them. Entrepreneurs invest part of their money in social initiatives by building schools and hospitals.
- Economic growth in the country: Entrepreneurship is the process that starts establishing the business and looking for ways to make money. Angel investors and venture capitalists provide you with money for investing in your business. The entrepreneur can utilize the capital fund in growing the organization and make it a successful venture. Businesses earn profits, and they pay a part of it in taxes to the government. It is beneficial for the government to grow and spend that money on the welfare of the company. The countries like India should encourage entrepreneurship. It will help the country to boost its economy and provide job opportunities to the youth.
Entrepreneurs make many efforts, from identifying the problems of the people and providing solutions to them. They benefit society by providing employment opportunities to educated people. It increases the spending capacity of the people and increases the opportunities for the local businesses to establish themselves in the market.