In today’s era, almost everything has changed apart from the fact that parents still want their kids to grow and become doctors, engineers or a chartered accountant. But sadly, there are rarely any parents who encourage their kids to become a successful entrepreneur. Why? Well, the reasons could be many. Some parents have many “ifs” and “buts” in their head regarding their children becoming successful entrepreneurs. They keep thinking, what if it doesn’t work out? And what will happen if they suffer from a major loss and etc. But there’s just one thing I have to say to them, be positive. Unless you let your kids try, how would you understand whether they are capable of becoming successful entrepreneurs or not? So, do encourage your kids to become entrepreneurs.
Who is an entrepreneur?
Generally, when you ask someone about their idea regarding entrepreneurs, the probable reply that you are going to get is- “They are individuals who run a small business and takes on all rewards and risks regarding a given business venture.” But to me, they are not mere individuals, they are “heroes”. In fact, according to the popular magazine, The Economist, entrepreneurs are not just small business owners but they are the heroes who are responsible for improving our economy.
Now, you may wonder, why are they called “heroes” and how are they responsible for the economic growth, right? Well, for your better understanding, I have jotted down some points that will tell you how entrepreneurs steer the economic development of a nation.
Take a look.
- They provide employment opportunities- Entrepreneurs start new businesses. So, it is obvious that they’ll need to hire new employees in order to run their company smoothly. This creates job opportunities, which in return uplifts the economy and support communities by increasing their overall standard of living and the quality of life.
- They pay taxes- Every entrepreneur needs to pay local, state or federal government taxes for the business they have established. And later, the tax dollars that they pay for their businesses will be used by the government to provide people with fundamental services like transportation, education, construction and etc. So, this is definitely something that improves the economy and well-being of any country.
- They accelerate the economy by boosting people’s confidence- The overall economic health of any nation usually depends on the Gross Domestic Product (GDP) performance. It is the businesses and the jobs created by the entrepreneurs, which plays a very crucial role in the GDP equation. And having a vigor economy builds confidence in people to live, invest and work in that place, even during the times of recession. Hence, if people work and invest during recessions too, be rest assured, the nation’s economy is going to improve or at least, stay stable.
- Present new technologies- One of the major reasons why people, especially youngsters admire entrepreneurs is because they provide new services and create new products. For instance, Bill Gates and Steve Jobs were entrepreneurs only and their creation, Microsoft and Apple have helped many people. Plus, these inventions have inspired many other geniuses to create millions of other software programs that we generally see and use today. So, it’s obvious that the more people get inspired and come up with new ideas, the better it is for our economy.
- Create demand for products that create more jobs and businesses- When an entrepreneur starts a manufacturing business, he/she certainly needs raw materials for their products. This boosts the sale and job opportunities of those business houses as well. And this cycle goes on and on, which boosts the economy.
Now, when you have read these essential points, I’m sure you have got some ideas about how entrepreneurs trigger economic growth. So, encourage your kids to be successful entrepreneurs.