The roles of entrepreneurs in the society

Topics: Economics, Entrepreneurship, Nobel Prize Pages: 2 (567 words) Published: March 7, 2014
Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. However, some school of thought would define an entrepreneur as one who manages the factors of production in order to first satisfy or meet human needs and not primarily for the desire to make profit. The most obvious example of entrepreneurship is the starting of new businesses. Entrepreneurs occupy a central position in a market economy serving as the spark plug in the economy's engine, activating and stimulating all economic activities. A society is prosperous only to the degree to which it rewards and encourages entrepreneurial activity because it is the entrepreneurs and their activities that are the critical determinant of the level of success, prosperity, growth and opportunity in any economy. The most dynamic societies in the world are the ones with the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities. Some of the roles of entrepreneurs in the society include:

1. Provide solution to societal challenges: Every society has a challenge or a gap. The entrepreneurs identify these challenges and strive to satisfy the needs in the society. For example, the automobile companies found a solution to the challenge of mobility. 2. Creation of goods and services: Entrepreneurs are innovators who work tirelessly to produce goods and services to satisfy their customers or consumers. 3. Job creation: By their activities, entrepreneurs succeed in creating jobs and helping to reduce the rate of unemployment in the society. This eventually contributes to reducing the incidence of vices such as criminal activities in the community leading to improvement in the safety and security of people in the society. It eventually reduces poverty in families who are engaged by these entrepreneurs. 4....

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