Topic > The Role of Entrepreneurs in the Economy

According to Sheshan.G the contribution of the entrepreneur to the economy is of immense value, he or she is indispensable for the economic growth of the country. Its goods and services are valuable to the overall development of society (Sheshan.G, 2015). People need their goods or services to satisfy their needs or desires. In other words, they serve our lives better. Each of us is today the consumer of our society. Therefore, the number of consumers is increasing every year even in developing or backward countries. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Entrepreneurs play an important role in generating valuable products or services for the comfortable and luxurious lifestyle of consumers. Directly, entrepreneurs play a vital role in the growth of the economy and development in a country. 1.1 Ways Entrepreneurs Contributed to the Business and Examples According to traditional models, entrepreneurs create new businesses in response to market needs and demands (Ed Sappin, 2016). Therefore, there is an opportunity to provide a product or service that does not currently exist or is otherwise unavailable (Ed Sappin,2016). One of the ways entrepreneurs have contributed to the economic development of the country is through investments. The main reason why investments are one of the economic developments is that entrepreneurs should invest what is required by today's society. Therefore, economic progress depends on the contribution of entrepreneurs. The entrepreneur will ensure that the invested goods or services will better serve people's lives and at the same time satisfy their needs and desires. Example of successful entrepreneurs in investments is Mark Suster. He was the founder of the document management and collaboration software company known as Build Online in 1998. In 2005, he sold it to a publicly traded French services company and at that time he founded a content management company known as Koral Technologies, Inc. Then, it sold Koral Technologies to Salesforce in 2007. Another way entrepreneurs have contributed to the economic development of the country is through employment. Basically, a successful entrepreneur starts various types of businesses and starts his own business (Amitabh Shukla, 2009). At those times, the entrepreneur will generate employment in the country's economy. Entrepreneurs create jobs, and these economic opportunities uplift and support communities by increasing the quality of life and overall standard of living (Ed Sappin, 2016). People in this society need work to satisfy their needs and desires and this is the main contribution that an employer can make to his employee's income. Tan Sri Tony Fernandes, founder of AirAsia, is one of the successful entrepreneurs who have contributed to the economic development of the country through employment. It has 17,000 employees as of 2016. Additionally, there are entrepreneurs who provide various types of goods and services to consumers, known as product and service diversity. They provide the consumer with more choices to compare as the consumer would like to have a product or service that can satisfy his desire at a reasonable price that the consumer can accept. Charles and George Page, founders of the Nestlé company, are one of the successful entrepreneurs in the diversity of products and services. Nowadays, technology has made everything possible, the entrepreneur has led companies to expand into regional and global markets. When new businesses export goods and services to nearby regions, these businesses directly contribute to one's productivity and earnings.