WHAT IS ECONOMIC DEVELOPMENT?
Economic development is the process by which the economic well-being and the quality of life of a nation, it’s people and all sorts of companies are improved according to respective targeted goals and objectives. Some have big goals regarding building a greater and better nation and some have individual goals.
Then comes the entrepreneur who is the main pillars of this economic development because they are responsible and dedicated to achieving both the goal. It is also a process of creating and utilizing physical, human, financial, and social assets to generate improved and broadly shared economic well-being and quality of life for a community or region.
WHO IS AN ENTREPRENEUR?
An individual who is a risk-taker, an innovator, a source of good ideas, service, business, and many more and most importantly a person who enjoys all the rewards himself. He/She is someone who helps the country’s economy grow by directly involving in it and not through other sources.
An entrepreneur is also the one who is a very important part of the nation’s goal and contributes directly to it, and also helps individuals reach their goal. Examples of some entrepreneurs who have helped shape the economic development of the whole world:
- STEVE JOBS – APPLE
- BILL GATES – MICROSOFT
- AZIM PREMJI – WIPRO
- JAGDISH CHANDRA MAHINDRA – MAHINDRA GROUP OF INDUSTRIES AND ETC.
So these are some examples of the Entrepreneur who changed the whole world without whom we cannot even imagine our life. And these people proved how an Entrepreneur has numerous responsibilities which they have to live onto maybe individual or maybe for the nation.
FACTORS OF ECONOMIC DEVELOPMENT :
There are different factors of economic development such as:
- BARRIERS TO TRADE
- EDUCATIONAL STANDARDS
- NATURAL RESOURCES
- LEVELS OF INFRASTRUCTURE and etc.
These factors are all governed by a entrepreneur :
- As he is the one who has completely broken all barriers to trade as in today’s world most of the trading specialists that we know are young and budding professionals. They go through a healthy competition among them which in return helps the country’s economy to boost and also other traders to get motivated to take trading as a full-time job.
- Due to the tough competition in the market for a good job, most of the individuals are turning out to be budding entrepreneurs and this motivation has changed the educational scenario in different countries. Most of the students have started fixing and following a goal from a very young age and also working hard for it.
- Natural resources are nowadays the epicenter of most entrepreneurial opportunities. Many projects like the business in Organic Products, Agricultural Products, Green Jobs, Food products, and many more need these natural resources and which need these entrepreneurs to rise.
- Infrastructure and entrepreneurship are directly connected because infrastructure can directly enhance the connectivity and linkages that help in recognizing entrepreneurial opportunities and also the ability of those entrepreneurs to do justice with those opportunities. There is a very true hypothesis in the market is that the startups are mostly enhanced by the infrastructure.
SOME OF THE OTHER WAYS IN WHICH ENTREPRENEURSHIP HELP THE ECONOMIC DEVELOPMENT –
- INVESTING IN PRODUCTS AND SERVICES THAT PEOPLE NEED: Several times economists refer to a very common term known as “OPPORTUNITY”. In this context, Opportunity symbolizes the unmet demand and needs of the people in the market. What entrepreneurs mostly do is create new businesses in response to the demand.
Refer the following article for more such key points – https://www.entrepreneur.com/slideshow/293779
- PROVIDING EMPLOYMENT OPPORTUNITIES: Nowadays due to the establishment of a ton of new sectors by the entrepreneurs the there is a high demand for employees. This helps in creating Jobs and as a result, the economic development gets uplifted increasing the quality of life and standard of living.
- SUPPORTING THE REGIONAL ECONOMIC INTEGRATION: In today’s world technology has made it completely easy and possible for all the small-scale entrepreneur-led businesses to grow and spread in global markets as well. When new businesses like this, export goods and services to different regions then it directly contributes, the revenue it generates, to the economy of its nation.
- ADDRESSING ENVIRONMENTAL CHALLENGES: Innovation is and will be crucial in combating the environmental challenges and climate change that we face today. Reliable access to these innovations (such as irrigation, electricity, technology, and urban infrastructure) by the entrepreneurs has increased productivity and enhanced economic development.