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Essay / The role of entrepreneurs in the economy
According to Sheshan.G, the contribution of the entrepreneur to the economy is of immense value, he or she is indispensable to the economic growth of the country. Its goods and services are valuable for the overall development of society (Sheshan.G, 2015). People need their goods or services to meet their own needs or wants. In other words, it means they serve our lives better. Each of us is today the consumer of our society. Therefore, the number of consumers is increasing every year, even in developing or backward countries. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Entrepreneurs play an important role in generating valuable products or services for the comfortable and luxurious lifestyle of consumers. 1.1 Ways Entrepreneurs Contributed to the Business and ExamplesAccording to traditional models, entrepreneurs create new businesses in response to market needs and demands (Ed Sappin, 2016). Therefore, there is an opportunity to provide a product or service that does not currently exist or is not available (Ed Sappin, 2016). Investment is one of the ways in which entrepreneurs have contributed to the economic development of the country. The main reason why investment is one of the factors in the development of the economy is that entrepreneurs must invest what is necessary for today's society. Thus, economic progress depends on the contributions of entrepreneurs. The entrepreneur will ensure that the goods or services invested better serve people's lives while meeting their needs and desires. Mark Suster is an example of a successful investing entrepreneur. He founded the document management and collaboration software company known as Build Online in 1998. In 2005, he sold it to a publicly traded French services company and at that time he founded a content management company known as Koral Technologies, Inc. Then, he sold Koral Technologies to Salesforce in 2007. Entrepreneurs have also contributed to the economic development of the country through employment. Basically, an entrepreneur who becomes successful by starting different types of businesses and establishing his business (Amitabh Shukla, 2009). At that time, the entrepreneur will generate jobs in the country's economy. Entrepreneurs create jobs and these economic opportunities uplift and support communities by increasing the quality of life and overall standard of living (Ed Sappin, 2016). People in this society need a job to meet their needs and wants and this is the main contribution that an employer can provide to its employees. Tan Sri Tony Fernandes, founder of AirAsia, is one of the successful entrepreneurs who has contributed to the country's economic development through employment. It has 17,000 employees as of 2016. Additionally, entrepreneurs provide various types of goods and services to consumers, known as product and service diversity. They provide the consumer with more choices to compare because they want to have a product or service that can meet their desire at a reasonable price that they can accept. Charles and George Page, founders of the Nestlé company, are one of the successful entrepreneurs in the diversity of products and services. Nowadays, technology has made everything possible, entrepreneurs have led businesses to expand into regional and global markets. When new businesses export goods and services to neighboring regions, they directly contribute to a region's productivity and income. This increase in income reinforces..