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The Role of Enterpreneurs in the Economy

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The Role of Enterpreneurs in the Economy essay
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According to Sheshan.G entrepreneur’s contribution to the economy is of immense value, he or she is indispensable to the economic growth of the country. His or her goods and service are valuable to the overall development of the society (Sheshan.G, 2015). People need their goods or service to fulfill their own needs or wants. In another word which means that, they serve our life better. Each one of us are the consumers for our society nowadays. Therefore, the number of consumer are increasing yearly even in developing or backward countries.

Entrepreneurs plays the important roles in generating products or service valuable for the comfortable and luxurious lifestyle of consumers. In directly, entrepreneurs play the vital roles in the growth of economy and development in a country.

1.1 Ways Entrepreneurs Contributed to the Company and Examples

According to traditional models, entrepreneurs create new businesses in response to meet needs and demands in the market (Ed Sappin,2016). Therefore, there is an opportunity to provide a product or service that is not currently in existence, or otherwise available (Ed Sappin,2016). One of the ways entrepreneurs contributed to economy development of the country is by investment. The main reasons investment is one of the economy development is because of entrepreneurs should invest what is required by the society nowadays. Thus, economic progress is depended to contributions of entrepreneurs. Entrepreneur will ensure the goods or service that invest is to serve people life better in the same time fulfill their needs and wants. Example of successful entrepreneurs in investment is Mark Suster. He was founder of document management and collaboration software company known as Build Online in 1998. In 2005, he sold it to publicly traded French service company and at that moments, he founded a content management company known as Koral Technologies, Inc. Then, he sold Koral Technologies to Salesforce in year 2007.

Another way entrepreneurs contributed to the economy development of the country is by employment. Basically, a successful entrepreneur by setting up various type of business and establishment their business (Amitabh Shukla, 2009). At that moments, entrepreneur will generate employment in the economy of the country. Entrepreneurs create jobs and these economic opportunities uplift and support communities through increasing the quality of life and overall standard of living (Ed Sappin,2016). People in this society need job to meet their needs and wants and this is the major contribution that an employer can provide income to their employee. Tan Sri Tony Fernandes founder of AirAsia is one of the successful entrepreneurs contributed economy development of the country by employment. He owns 17,000 employees in 2016.

In addition, there are entrepreneur provide various type of goods and service to consumer known as diversity in products and services. They provide consumer more choices to compare as consumer would like to have a products or service which can meet their desire at a reasonable rate which consumer can accepts. Charles and George Page, founder of Nestle company is one of the successful entrepreneur in diversity of products and services.

Nowadays, technology has made it everything possible, entrepreneur led businesses to expand into regional and global markets. When new businesses export goods and services to nearby regions, these enterprises contribute directly to a region’s productivity and earnings. This increase in revenue strengthens an economy and promotes the overall welfare of a population. This kind of entrepreneur is entrepreneur who promote international trade by selling their products abroad. This type of entrepreneur would like to have a wider market, who bring more consumer to purchase their products or service and make higher profits (Amitabh Shukla, 2009). Example for this kind of entrepreneur is founder if Alibaba company, Jack Ma. The new market of Alibaba company is Korea, Malaysia, Hong Kong, etc.

Lastly, an entrepreneur made much contribution to the national exchequer and national economy known as entrepreneurs who contributes to gross national product. Prosperity of country is depended on GNP. As summaries, the higher the goods and service provided by the country, the higher the GNP of the country due to the GNP is calculated based on the total number of goods and service available of the country. Example of country with higher number of GNP is USA with own 32.9% of the global GDP, second is Japan with 2.09% of the global GDP.

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The Role of Enterpreneurs in the Economy. (2018, December 17). GradesFixer. Retrieved January 12, 2021, from https://gradesfixer.com/free-essay-examples/the-role-of-enterpreneurs-in-the-economy/
“The Role of Enterpreneurs in the Economy.” GradesFixer, 17 Dec. 2018, gradesfixer.com/free-essay-examples/the-role-of-enterpreneurs-in-the-economy/
The Role of Enterpreneurs in the Economy. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-role-of-enterpreneurs-in-the-economy/> [Accessed 12 Jan. 2021].
The Role of Enterpreneurs in the Economy [Internet]. GradesFixer. 2018 Dec 17 [cited 2021 Jan 12]. Available from: https://gradesfixer.com/free-essay-examples/the-role-of-enterpreneurs-in-the-economy/
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