Taking a bird’s eye view of a country, its economy is based on four major sectors namely,

  • Primary: A sector that focuses on the extraction of raw materials viz. farming, fishing, etc.
  • Secondary: A sector whose major activity is the production of finished goods from raw materials viz. construction, manufacturing, power generation, etc.
  • Tertiary: Also known as the service sector, which primarily focuses on providing service to the consumers viz. retail, banking, real estate, etc.
  • Quaternary: Focusing on education, learning, research, and development.

All sectors mentioned above might look different and independent on-page, but the fact is they are interdependent on each other. All of which contribute their respective percentage to the country’s economy. The person who makes efforts to establish a certain connection between all the economic sectors of a country is an entrepreneur.

entrepreneurs, motivation

All businesses begin on a small scale, whether it be a consumer-service company, production company, or any of the other. As YoY (Year on Year) a small-scale company struggles to generate revenue, it is a major role that an entrepreneur plays through his decisions to make a venture prosper every year compared to its peer companies in the respective sector. An entrepreneur through his innovative mind has the ability to bring a revolutionary change in peoples’ lifestyles, working environment, and how everyday work can be done in the most optimal way possible. An entrepreneur serves as a catalyst in a country’s economic growth and industrialization.

As an entrepreneur, it is his/her responsibility to come up with certain ideas and innovation which can be useful and can bring a cascading effect in society.

“The rate of economic progress of a nation depends upon its rate of innovation which in turn depends on the rate of increase in the number of entrepreneurs.”

-J.A. Schumpeter (Austrian economist)

Entrepreneur plays an important role in the economic development of a country. Let’s see how.

Creating employment opportunities

As soon as an entrepreneur makes efforts to bring his idea into realization, he/she tries to engage more people into his/her venture to bring more productivity hence, resulting in the creation of more employment opportunities for people. A product manufacturing or a service providing company needs more manual labor, a tech company needs more people to handle its overall functionality, etc. Moreover, commonly, every enterprise needs a functional support platform for its customers, which adds up the job opportunities for low-skilled, medium-skilled, and highly-skilled individuals.

Regional development

               To reduce the overall expenditure, an entrepreneur tries to set up his/her production industry in a place where,

  • The market for selling finished goods is at a minimum distance.
  • Cost of establishment of infrastructure in minimum.
  • Daily wage labor is available.
  • The security of assets is ensured.

 The best place to set up an industry taking all the above points into consideration is the area in the outskirts of a big city or a market place. By setting up a factory in such area, all the above mention points are ensured to a great extent. So, the development of the respective region is given a boost viz. creation of jobs, construction of roads, railway, ports etc which overall contributions in the regions’ economy. Looking at these developments of local people and area, a good government also encourages entrepreneurs, foreseeing the development of the country. For example, the government of India has come up with policies that stimulate MSME sectors.

Economic Independence

By employing people into a venture, not only an entrepreneur is giving financial independence to the employees but he/she is also giving financial independence to himself/herself and also to the whole nation. The whole nation is getting products and services from a person who is not only decreasing unemployment but also providing some financial aid in the country’s economy.

So, basically every day is a high time for an entrepreneur to get forward, think innovative, solve everyday problems, change lifestyles and much more! So, build up an entrepreneurial mindset and change the future for better!


2 Comments

Kishan Singh Bagga · June 12, 2020 at 1:37 pm

I got to know some valuable insights, it was an amazing experience reading the blog 🙂

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