Entrepreneurship: The New Password to Global Productivity

Entrepreneurship: The New Password to Global Productivity image

Entrepreneurship according to Professor Howard Stevenson, “is the pursuit of opportunity beyond resources controlled”. Entrepreneurship has to do with creativity, discipline, willingness, invention, and management of resources inclusive. It is the capacity and willingness to develop, organize, and manage a business along with any risks that come along with the business in order not only to just make a profit but also to expand its horizon for further opportunities unrevealed. Entrepreneurs create jobs, drive the economy to increase its opportunity, and most importantly entrepreneurs transform lives.

To be involved in entrepreneurship is hard work and it requires certain skills which include:  

  • Creativity
  • Self-confidence
  • Ability to identify opportunities
  • Vision and influence
  • Ability to undertake risks
  • Efficient and realistic decision-making
  • Financial management skills
  • Flexibility of ideas and structure

Being an entrepreneur goes beyond being able to discover or create innovative ideas, it also takes diligence and hard work to produce results of a successful entrepreneur.

Society benefits from the works of entrepreneurs in many ways and some benefits include:

  • Increase in job opportunities
  • Encouragement of innovative thinking rather than a fixed business thought process.
  • Increase in economic profits
  • Increase in standard of living
  • Management of resources to produce greater profits

The advantages of having entrepreneurs in the society cannot be overemphasized and these benefits need to be considered in every sector of the economy. In order for the world to increase in opportunities and growth, we need individuals who are ready to take risks for potential opportunities that can be beneficial to the entire globe. Entrepreneurship is the global password to increased levels of social and business productivity.

Photo: Ceoblognation


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