Type: Response Essays
Sample donated: Antonio Carroll
Last updated: March 13, 2019
According to Sheshan.
G entrepreneur’scontribution to the economy is of immense value, he or she is indispensable tothe economic growth of the country. His or her goods and service are valuableto the overall development of the society (Sheshan.G, 2015).
People need theirgoods or service to fulfill their own needs or wants. In another word whichmeans that, they serve our life better. Each one of us are the consumers forour society nowadays. Therefore, the number of consumer are increasing yearlyeven in developing or backward countries. Entrepreneurs plays the importantroles in generating products or service valuable for the comfortable andluxurious lifestyle of consumers. In directly, entrepreneurs play the vitalroles in the growth of economy and development in a country. 1.1 Ways Entrepreneurs Contributed to the Companyand ExamplesAccording to traditional models,entrepreneurs create new businesses in response to meet needs and demands inthe market (Ed Sappin,2016).
Therefore, there is an opportunity to provide aproduct or service that is not currently in existence, or otherwise available(Ed Sappin,2016). One of the ways entrepreneurs contributed to economydevelopment of the country is by investment. The main reasons investment is oneof the economy development is because of entrepreneurs should invest what isrequired by the society nowadays. Thus, economic progress is depended tocontributions of entrepreneurs. Entrepreneur will ensure the goods or servicethat invest is to serve people life better in the same time fulfill their needsand wants. Example of successful entrepreneurs in investment is Mark Suster.
Hewas founder of document management and collaboration software company known asBuild Online in 1998. In 2005, he sold it to publicly traded French servicecompany and at that moments, he founded a content management company known asKoral Technologies, Inc. Then, he sold Koral Technologies to Salesforce in year2007.Another way entrepreneurscontributed to the economy development of the country is by employment.
Basically, a successful entrepreneur by setting up various type of business andestablishment their business (Amitabh Shukla, 2009). At that moments,entrepreneur will generate employment in the economy of the country. Entrepreneurscreate jobs and these economic opportunities uplift and support communitiesthrough increasing the quality of life and overall standard of living (EdSappin,2016). People in this society need job to meet their needs and wants andthis is the major contribution that an employer can provide income to theiremployee. Tan Sri Tony Fernandes founder of AirAsia is one of the successfulentrepreneurs contributed economy development of the country by employment. Heowns 17,000 employees in 2016. In addition, there are entrepreneurprovide various type of goods and service to consumer known as diversity inproducts and services. They provideconsumer more choices to compare as consumer would like to have a products orservice which can meet their desire at a reasonable rate which consumer canaccepts.
Charles and George Page, founder of Nestle company is one of thesuccessful entrepreneur in diversity of products and services.Nowadays, technologyhas made it everything possible, entrepreneur led businesses to expand intoregional and global markets.When new businesses export goods and services to nearby regions, theseenterprises contribute directly to a region’s productivity and earnings. Thisincrease in revenue strengthens an economy and promotes the overall welfare ofa population.
This kind of entrepreneur is entrepreneur who promoteinternational trade by selling their products abroad. This type of entrepreneurwould like to have a wider market, who bring more consumer to purchase theirproducts or service and make higher profits (Amitabh Shukla, 2009). Example forthis kind of entrepreneur is founder if Alibaba company, Jack Ma. The newmarket of Alibaba company is Korea, Malaysia, Hong Kong, etc. Lastly, an entrepreneur made muchcontribution to the national exchequer and national economy known asentrepreneurs who contributes to gross national product. Prosperity of countryis depended on GNP. As summaries, the higher the goods and service provided bythe country, the higher the GNP of the country due to the GNP is calculatedbased on the total number of goods and service available of the country.
Example of country with higher number of GNP is USA with own 32.9% of theglobal GDP, second is Japan with 2.09% of the global GDP.
1.2 ConclusionAs summaries from above paragraph, we can conclude thatentrepreneur plays is one of the essential roles in economic development of acountry as economic play important roles in development of a country.