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Entrepreneurship is an opportunity to create wealth: In this article, we would like to highlight the possibilities of entrepreneurship for macroeconomic impact or wider impacts. Most times, we talk about entrepreneurship in the light of business profits, growth and scaling. In this discussion, I’d like to spend some time on the following:

• The value created for end-users
• New jobs added to the market
• Competition resulting in enhanced services in the market

Meaning: Entrepreneurship is an opportunity to create wealth

Every entrepreneurship is a daring venture. We talked previously about the purpose and impact of entrepreneurship while talking about what is a startup. If you look closely, a business is nothing but an opportunity to create wealth. At a micro level, the purpose of business/entrepreneurship is to give shape to a business idea or innovation. However, it does have a positive impact on the surroundings.

Some immediate impacts are:

The value created for end-users/businesses:

This is a primary benefit of entrepreneurship. Once you create a business, its core is in adding value to the end-user. If you look at the examples of Uber or Airbnb, the result is an enhanced customer experience. Both these businesses have carved a niche and responded to the market need effectively.

The wealth creation in this example is enhanced customer experience and as a result of this – creating more opportunities for other businesses to flourish.

Job creation

The beauty of business growth is in the continuous value it delivers. For your entrepreneurship to grown, you need to expand the business. This can happen only by adding more members to your team.

The wealth creation in this example is directly through additional jobs in the market. These jobs not only help create additional economic gain but also bring in skill enhancement and force other companies to catch up.

Competition

The most beautiful aspect of the free-market theory is in the creation of new businesses. These add customer benefit because of increased choice. Once the customer has seen a better quality of service, demand for quality naturally increases. This eventually forces other businesses to enhance their service.

For example, now private taxi companies are forced to compete with Uber naturally forcing them to be more transparent about their pricing, etc.

Summary: Entrepreneurship is an opportunity to create wealth

In summary, entrepreneurship is an opportunity to create wealth – Not only to bring a business idea to fruition. It also has wider impacts. In this instance, we haven’t even touched upon the importance of social entrepreneurship and the type of wealth it creates. In simple terms, while building your business case or grant applications – do think about these wider impacts. This gives a better quality and a holistic approach to your business development