“Never doubt that a small group of thoughtful, committed citizens can change the world; In fact, it is the only thing that has ever been. -Margaret Mead
As far as I’m concerned, this describes entrepreneurs perfectly. After all, there are countless ways that entrepreneurs make a difference in the world.
To begin with, they create new businesses. In turn, this creates jobs and stimulates the economy.
Furthermore, they create new products that can improve people’s lives. Additionally, entrepreneurs are often involved in philanthropy and volunteering within their communities.
Still not convinced? Here are 11 specific examples of how entrepreneurs drive change.
1. Employment generation.
As mentioned earlier, entrepreneurs start new businesses which create new jobs. In fact, America is experiencing a boom in entrepreneurship.
The number of new business applications filed in 2021 alone was 5.4 million, and in 2022 the number is almost as high (5.1 million). Furthermore, by the SBA’s definition, there are 33.2 million small businesses in the US, which account for 99.9% of all companies.
As a result, about 17.3 million new jobs were created by small businesses between 1995 and 2021, representing less than two-thirds of all new jobs. Additionally, they employ nearly half of all Americans in the private sector (46%).
2. To generate economic growth.
New businesses are also a source of economic growth for entrepreneurs. As a new business grows, more jobs and more economic activity are created, resulting in greater demand for goods and services.
Entrepreneurship also contributes to the economy through resource allocation and value creation. The ability to identify and exploit opportunities leads to the creation of new businesses and jobs. In turn, this increases national productivity and per capita income, boosting the economy. Furthermore, entrepreneurship fosters innovation and creativity, which will drive economic growth.
3. Develop new products and services.
Additionally, entrepreneurs develop a wide range of new products and services that can improve the lives of consumers.
New medical treatments and technologies developed by entrepreneurs include new delivery methods for goods and services. Thanks to these innovations, our lives have improved in many ways.
Take antibiotics, for example.
Millions of lives have been saved through antibiotics. The use of antibiotics was first described in 1877 AD by Louis Pasteur and Robert Koch.
Penicillin obtained from molds was discovered by Alexander Fleming in 1928.
Antibiotics spread rapidly throughout the 20th century and proved a significant health improvement, combating nearly every known infection.
4. Creativity and market intelligence.
It is natural for entrepreneurial thinking to embody creativity, a limitless imagination for what is possible. However, creative solutions coupled with extensive market knowledge are the keys to successful entrepreneurial endeavors.
Successful entrepreneurs start by clearly understanding the problem. By presenting relevant data, they will be able to demonstrate why this is an urgent need. In addition, they examine how the problem has been historically dealt with in addition to identifying it. This is where his creativity shines.
In other words, entrepreneurs decide that existing approaches are not good enough, rather than tinkering with them. The aim is to rapidly improve social problems by developing new ideas.
As one example, EarthEnable found that 75% of Rwandan households live on dirty floors, which contributes to the dust-borne diseases and parasitic infections that cause child mortality.
To solve the problem, it saw a growing trend in the United States where homeowners installed permanent clay floors. Children in Rwanda now have access to an affordable and safe flooring made from gravel, laterite, fine soil mix and oil, thanks to EarthEnable. Installing these floors reduces childhood diarrhea by 49% and parasitic infections by 78%.
5. Giving back to your communities.
Entrepreneurs are often involved in philanthropy and volunteer work in their communities. Their donations to charity, time spent volunteering, and support of local businesses are just some of the ways they give back.
A SCORE survey found that small businesses donate 250% more to local non-profits and community causes than larger businesses, and 75% of small business owners donate 6% or more of their profits to charity.
Most small businesses donate to similar organizations and causes in their communities, while each has a list supporting different causes and organizations. Survey, the following businesses were surveyed:
- 66% give to a local charity
- 48% support local youth organizations
- 42% donate to local first responders
- 39% support local religious organizations
- 37% support local service groups such as the Rotary Club and Scouts
- 32% donate food or volunteer at a local soup kitchen.
6. Increasing access to education and healthcare.
Additionally, entrepreneurs are working to increase access to healthcare and education. By creating businesses that provide affordable education and healthcare, they are providing essential services to the community.
Online courses, telemedicine and mobile clinics are examples of businesses created by entrepreneurs.
7. Making the world a more connected place.
Thanks to entrepreneurs, the world is even more connected. By creating businesses, they provide people with new communication, learning and collaboration options.
Businesses have created platforms for social media, online learning and video conferencing, for example.
8. Solution of social problems.
Solving social problems is often the responsibility of entrepreneurs. They use their creativity and innovation to solve problems such as poverty, hunger and homelessness. For example, entrepreneurs have created businesses that provide affordable housing, food banks and job training programs.
For example, the Innovation and Entrepreneurship Initiative at Duke has a dedicated program for social innovation. program is “To build on and expand the University’s strengths to create a transformative learning environment to inspire, prepare and support entrepreneurial leaders and scholars to advance innovative solutions to the world’s most pressing problems.”
Among the initiative’s most recent projects is the Duke-UNICEF Innovation Accelerator, which focuses on entrepreneurship for menstrual hygiene and health in three African countries.
9. Improvement in environment.
Environmental improvement is also a priority for entrepreneurs. Environmental protection, energy conservation and pollution reduction are among the goals they are working to achieve.
Solar panels, wind turbines and electric cars are just a few examples of businesses created by entrepreneurs. Aurora Solar, for example, provides software to solar power companies so they can remotely design and sell solar panels.
10. Promotion of peace and understanding.
Globally, entrepreneurs are also working to promote peace and understanding. Using their businesses, they connect people from different cultures and backgrounds.
Entrepreneurs have created businesses that provide educational opportunities, cultural exchange, and conflict resolution. The PeaceTech Accelerator alumni network includes entrepreneurs from around the world using technology, media and data to reduce violent conflicts.
11. Empowering women and minorities.
Entrepreneurs are also empowering women and minorities. By empowering women and minorities to start businesses, they are making it easier for them to succeed. Entrepreneurs have also started mentoring programs, microcredit and training programs for women and minorities.
For example, Ellevest uses algorithms to determine gender differences such as lifespan, career breaks and women’s wages as part of its digital investment platform for women. The program helps women reach their financial goals by providing cost-effective investment opportunities.
Entrepreneurs are what drive our economy and society forward. They are responsible for making things happen. It is their ideas, products and jobs that make our world a better place. Without them our world would not be the same.
questions to ask
What is entrepreneurship?
Basically, entrepreneurship is building a business from scratch by one person or a small group of partners. Entrepreneurs actively seek out unique business opportunities, and they assume the greatest amount of risk associated with their projects. Moreover, this person has the largest stake in the success of the project.
Innovation is often a part of entrepreneurial activities. An enterprise can cultivate “entrepreneurship” to reflect this element. When employees think like entrepreneurs, a new idea can be born. While the enterprise maintains authority, workers are given additional freedom but also bear the risk.
What’s more, every sector benefits from entrepreneurs.
What Industries Do Small Business Entrepreneurs Work In?
According to a survey of small business owners by Guidant Financial, the top three industries for startups are:
- Food and Restaurant Operations
- business Services
In addition to health and fitness, finance, insurance and law ranked among the top industries. No matter what type of business an entrepreneur is running, innovation and perseverance should be a priority.
How do entrepreneurs add value to the economy?
As entrepreneurs introduce innovative products, services and technologies to the market, they play an important role in the economy. In the short and long term, they spur economic growth and create jobs.
Entrepreneurs help improve the efficiency of the economy by staying competitive and introducing new ideas.
How do entrepreneurs contribute to society?
Entrepreneurs can create new markets by introducing new and improved products, services and technology. This increases national wealth and income. As a result, the government can provide more national benefits to its citizens.
In addition, entrepreneurs also contribute to the creation of jobs. Entrepreneurs provide employment opportunities for others by creating new businesses or expanding existing businesses. It can reduce poverty and crime rates, which can benefit society as a whole.
Image credits: Porapak Apichodiloc; pexels; Thank you!
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