Entrepreneurship is the process of designing, launching and running a business. Entrepreneurship has long been a driver of innovation and growth. Individuals like Steve Jobs, BIll Gates and Mark Zuckerberg have revolutionized modern life through their innovation.
Entrepreneurs and business owners are among the happiest professions, surveys show. The personal benefits of entrepreneurship include:
Being your own boss
The joy of creating (your own business)
Controlling the direction of your work
Setting your own hours
Taking control of your livelihood
Small business, and by extension, entrepreneurs, are huge drivers of the economy. Large businesses eliminate redundancy and hire fewer people. A team of ten might need one accountant, while a team of 100 might only need three accountants, for instance.
Job growth isn’t the only economic impact entrepreneurship brings. Others include:
Higher wages for employees
Increased tax revenue
Breeds competition, driving more entrepreneurship and thus, economic growth
Many innovations have impacted society and created the luxuries most North Americans take for granted. Entrepreneurship has lead the way in discovering and implementing technologies such as: