Mention any 2 ways which make entrepreneurship beneficial for socity
Answers
Explanation:
1. Establish a social mission.
The best and most forward way to make your business socially conscious is to create a social mission. All companies have mission and vision statements, but you should incorporate a third one that emphasizes how your company will actively seek to help the community.
Don't fall into the trap of creating a vague social mission; it'll be hard to explain to your team, and chances are you won't be able to build a strategy around it. Instead, look at the resources you can allocate to helping the community right now and write a realistic mission that focuses on promoting teamwork and transparency. Keep the mission simple, such as "Do Good Stuff."
2. Establish realistic goals.
After you have set up your mission, you should start thinking about what you are going to do and exactly how your company will help. Create a list of goals that you want to achieve in the next three to six months. Remember to set up realistic objectives that can be accomplished without causing major disruptions to your day-to-day operations.
Include both short-term and long-term goals that can be measured. These goals should:
Address an immediate issue within your community
Provide solutions with the resources you already have
Educate or create awareness of an issue in your area
The main four ways through which entrepreneurship benefits society are-
Entrepreneurs Spur Economic Growth
New products and services created by entrepreneurs can produce a cascading effect, where they stimulate related businesses or sectors that need to support the new venture, furthering economic development.
For example, a few information technology companies made up the IT industry in India during the 1990s. The industry quickly expanded and many other sectors benefited from it. Businesses in associated industries—such as call centre operations, network maintenance companies, and hardware providers—flourished. Education and training institutes nurtured a new class of IT workers who were offered better, high-paying jobs.1
Similarly, future development efforts in other countries require robust logistics support, capital investments, and a qualified workforce. From the highly qualified programmer to the construction worker, entrepreneurship benefits a large part of the economy. In the U.S. alone, small businesses created 1.6 million net jobs in 2019.
Entrepreneurs Add to National Income
Entrepreneurial ventures help generate new wealth. Existing businesses may remain confined to existing markets and may hit a limit in terms of income. New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created.
Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending. This revenue can be used by the government to invest in other struggling sectors and human capital. Although it may make a few existing players redundant, the government can soften the blow by redirecting surplus wealth to retrain workers.
Entrepreneurs Create Social Change
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.S. 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 184,000 people now have improved access to clean and safe drinking water. This type of innovation ensures people can focus on their jobs without worrying about a basic necessity like 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. As the growth of the smartphone market continues, technological entrepreneurship can have a profound, long-lasting impact on 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.
Community Development
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 ventures.
Some famous entrepreneurs, such as Bill Gates, have used their money to finance good causes, from education to public health. The qualities that make one an entrepreneur can be the same qualities that help motivate entrepreneurs to pay it forward through philanthropy, in a later chapter of life.
NOTE: You can choose any two ways from the above points. I have listed the ways which I knew all out.