To bring at the top level and compete at international level the entrepreneurs will be playing vital roll. In fact these are the role model who bring the country at top level. But there is need to take serious step not only by government but also by the private organizations to help entrepreneurs. In a survey held by Misk Global forum in 25 countries on entrepreneurship, Pakistan ranked at 24 in this list.
Fluctuating economies, technological disruption, demographically changes and other dynamic forces such as innovations not only bring threats for organizations but have brought opportunities and changes the way of life of all societies all over the world.
So, deal with these forces private and public organization, government and public itself must aware the importance of entrepreneurship.
In Schumpeterian view one of the key\important factors in economic development is entrepreneurship.
How and why economic development is fueled by innovation and entrepreneurships.
One answer is that an entrepreneur by innovation creates new business which in result not only provides jobs but also increase productivity and brings competition in market.
1: Invest in products/services that society need.
The basic purpose of a business is to provide services and products that people need. The entrepreneurs who start a business to deal in product or services that already exists in market are called opportunity entrepreneurs. The key player in this process are those entrepreneurs who launch new business which is not already exist or if available them brings some dynamic changes that capture a segment of a society. They also help to boost not only economic growth but change the overall scenario of the country image.
2: Reduction in unemployment.
To run a business skilled and unskilled worker are needed. As, new startups can create employment opportunities. Reduction in unemployment in turn boosts economy in many ways and this help the people to increase living standard.
3: Capturing the regional and global market.
With the advancement in technology now it is easy for all small businesses to expand globally. Because an entrepreneur not only uplifts the living standard of local communities but also the regions where their businesses relations in place. When they export product to other countries they also bring changes by increase the income and employment opportunities. Similarly this brings overall changes in a society and strengthens the economy. When business promote on regional and international level then it brings investment in the country and structural changes takes place.
Innovation can be defined as a process which invent new product or services, increase the possibilities in high tech jobs, develop new businesses models, routes tom markets and pricing plane. The relationship between entrepreneurship, innovation and economic development is positive. Growing economy in turn provide jobs and help entrepreneurs to find new ways of businesses. Education is a key player in entrepreneur world which help to provide basic knowledge and skill that an entrepreneur need.
It’s important to understand that entrepreneurship and innovation are dependent on access and participation. For entrepreneurs to bring new ideas to life, they need access to education and a level-playing field on which to compete. In this process public policies help to allow new entrepreneurs to start a new business by implementing government policies.