Introduction Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. However, some school of thought would define an entrepreneur as one who manages the factors of production in order to first satisfy or meet human needs and not primarily for the desire to make profit. The most obvious example of entrepreneurship is the starting of new businesses. Entrepreneurs occupy a central position in a market economy serving as the spark plug in the economy’s engine, activating and stimulating all economic activities.
A society is prosperous only to the degree to which it rewards and encourages entrepreneurial activity because it is the entrepreneurs and their activities that are the critical determinant of the level of success, prosperity, growth and opportunity in any economy. The most dynamic societies in the world are the ones with the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities. Some of the roles of entrepreneurs in the society include: 1.
Provide solution to societal challenges: Every society has a challenge or a gap. The entrepreneurs identify these challenges and strive to satisfy the needs in the society. For example, the automobile companies found a solution to the challenge of mobility. 2. Creation of goods and services: Entrepreneurs are innovators who work tirelessly to produce goods and services to satisfy their customers or consumers. 3. Job creation: By their activities, entrepreneurs succeed in creating jobs and helping to reduce the rate of unemployment in the society.
This eventually contributes to reducing the incidence of vices such as criminal activities in the community leading to improvement in the safety and security of people in the society. It eventually reduces poverty in families who are engaged by these entrepreneurs. 4. Contribute to community development activities: Entrepreneurs perform their social responsibilities to the community by contributing to community development activities. 5.
Foster economic growth and development: They increase production of goods and services with possible increase in demand and eventual increase in the Gross and Net Domestic Product of the country. 6. Create wealth: By creating jobs, entrepreneurs create wealth. 7. They are philanthropists: Most entrepreneurs also engage in Philanthropic activities in the society. An example is Alfred Nobel who funds the Nobel Prize. 8. They are agents of change: Entrepreneurs are the regenerators of the society. They act as agents of change.
An example is Mark Zuckerberg who started the face-book and linked the world. 9. They create chains of ideas and opportunities by taking one bold step: By taking one bold step, more ideas are generated by people. Hence, entrepreneurs give birth to more entrepreneurs with greater positive impacts on the society. 10. Improve the standard of living of the people and their quality of life: By creating jobs and more job opportunities, entrepreneurs improve the standard of living and quality of life of the people in the society.
This will also help to increase life span and reduce the morbidity and mortality rates in the society. 11. Reduction in cost of production of prices of products and services: By producing goods or services needed by other companies or organizations, entrepreneurs help to reduce the cost of producing these goods by these companies and thereby lead to fall in prices of goods and commodities which will help to increase demand and meet consumers’ needs. References