According to the U. Small Business Administration, there are Through offering unique goods and services, entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. This can result in an improved quality of life , improved morale, and greater economic freedom. For example, the water supply in a water-scarce region will, at times, force people to stop working to collect water. This will impact their business, productivity, and income. However, with a project such as the U.
Agency for International Development's Kenya RAPID program, an innovative and automatic pump powered by smart sensors fills people's water containers automatically, ensuring more than , people now have improved access to clean and safe drinking water.
More time to devote to work translates to economic growth. For a more contemporary example, smartphones and apps have revolutionized work and play across the globe.
Smartphones are not exclusive to wealthy countries or people, as more than 5 billion people have mobile devices around the world.
Moreover, the globalization of technology means entrepreneurs in developing countries have access to the same tools as their counterparts in developed countries. They also have the advantage of a lower cost of living , so a young entrepreneur from a developing country can compete with a multimillion-dollar existing product from a developed country.
Entrepreneurs regularly nurture ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development beyond their own ventures.
Some famous entrepreneurs, such as Bill Gates, have used their money to finance good causes, from education to public health. Are there any drawbacks to cultivating entrepreneurs and entrepreneurship? Is there a limit to the number of entrepreneurs a society can hold?
Italy may provide an example of a place where high levels of self-employment have proved to be inefficient for economic development. Research has shown that Italy has experienced large negative impacts on the growth of its economy because of self-employment. Regulation plays a crucial role in nurturing entrepreneurship. Unregulated entrepreneurship may lead to unwanted social outcomes, including unfair market practices, pervasive corruption, and criminal activity.
Findings from the United Nations University also indicate the possible implications of "over-nurturing" entrepreneurship. Promotion of happiness is increasingly seen as an essential goal. Paradoxically, a significantly high number of entrepreneurs may lead to fierce competition and loss of career choices for individuals. The country will benefit not only from advantages of large companies, but also from lower unemployment which reduces serious social problems and crime rate.
Personal development. Starting and managing a successful business can also aid in the development of useful skills and help individuals to achieve the highest level of needs — a sense of achievement and success. I make business education accessible to everyone in the world by providing high-quality business resources for CEOs, directors, business managers, business owners, investors, entrepreneurs, business journalists, business teachers and business students.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Why Governments Support Business Start-ups? Jerry Grzegorzek. Be the First One! Start-ups in high-tech hubs alone account for over 40 percent of new jobs each year — despite comprising only 1 percent of all businesses.
We issue patents, make investments in local economic development, collect and disseminate data to help inform businesses, and expand access to broadband. Since becoming Secretary, my team and I have expanded our work. With the launch of PAGE last spring, our dynamic ambassadors have been everywhere. In the coming months, we will announce the expansion of PAGE — bringing new voices and initiatives into the fold to empower the next wave of entrepreneurs in the U.
This initiative creates ecosystems, where industry, academia, and government come together to help local manufacturers not only propose new ideas, but scale and implement their latest innovations. From 3D printing to lightweight metals to photonics, NNMI can, and will, ensure that our entrepreneurs stay competitive in the global economy — and shape the next wave of advanced manufacturing in the 21st century.
To bring the best ideas to the table at the Commerce Department, we re-established the National Advisory Council on Innovation and Entrepreneurship , where top academics, business and non-profit leaders offer advice on innovation, entrepreneurship, and industry-driven skills training. This program advances innovation and capacity-building activities in regions across the country.
Through this initiative, we are providing grants to reinforce infrastructure, investing in centers that help entrepreneurs move their ideas from the garage to production, and expanding aces to early stage capital to promising startups. Because of this initiative, Georgia Tech was able to create a new center where entrepreneurs have resources to turn early-stage medical devices into prototypes that can attract capital and customers.
Nationwide, these investments help entrepreneurs turn ideas into sustainable companies. In addition to these existing efforts, in the coming months, we will kick off the Startup Global pilot program in Cincinnati; Nashville; Arlington, Texas; and Washington, D. At the federal level, contractors are used for war-zone logistics and intelligence processing, among other things. The government has access to an entire population's worth of individual and business tax money, and has the ability to distribute that money to affect change throughout the economy.
Loans and grant programs offered directly to entrepreneurs are one way to use tax revenue to stimulate business activity. Another way, according to America. Unemployment and other federal assistance benefits ensure that a large number of people have enough money to pay their bills, leaving them with extra discretionary income that generally falls into the hands of businesses.
David Ingram has written for multiple publications since , including "The Houston Chronicle" and online at Business.
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