6 ways in which entrepreneurship is contributing to the society
Entrepreneurship is the key to solving many of society’s most pressing problems. From creating a new industry to build upon, to advocating for important causes or organizing social movements, entrepreneurs are at the forefront of this global shift towards progress.
When we think about what our world could be, entrepreneurship is at the core of it all. Entrepreneurship has helped create a cleaner and more sustainable environment through technology that helps improve energy efficiency and also produces less waste than before. Entrepreneurs have helped solve homelessness by creating more efficient shelters and temporary housing while also working closely with charitable organizations such as charity: water to provide clean water for everyone on Earth.
Entrepreneurs have helped feed the world by not only starting organizations such as food for the hungry and food for life which help produce more nutritious foods and educate people around the world about nutrition, but they have also helped encourage small scale farmers to start growing crops that are more nutritious and increase yield per acre of land.
Entrepreneurs are also inventing new technology to help make our lives easier. From apps that tell us what to do every day with a few simple clicks or swipes, to 3D printers that can print us a new toothbrush in minutes, entrepreneurship has contributed in many different ways to make our lives better today than ever before.
There are many different forms of entrepreneurship. The type of entrepreneurship can be defined by the change in society that occurs during the transition from one stage to another. Different forms of entrepreneurship occur at different stages in society that are outlined below.
Startup: This form of entrepreneurship is defined as a company that starts up after its initial conception into existence. If an entrepreneur comes up with an idea for a company on their own, but no one else is building something like it, this can be considered a startup.
Early: An early stage is when the number of companies starts to increase, but not yet in great numbers. An early stage of entrepreneurship is focused on innovation and product development.
Growth: This phase of entrepreneurship occurs when a company has been built and is beginning to grow in size while also focusing on expanding into different markets. The growth stage of entrepreneurship focuses more on making money from a business rather than building an innovative product or idea.
Late: A late-stage is one that occurs after a company reaches a certain scale that allows it to be considered successful.
Decline: This occurs when the number of companies in an industry decreases, which can mean that a change in the market or society has taken place.
Here are the 6 different ways in which entrepreneurship is contributing to society, and how they impact us today.
- Economy: Entrepreneurship is a major driving force behind economic growth in every country around the world. According to The World Bank, 50% of GDP or Gross Domestic Product is contributed by entrepreneurs at the early and growth stages of entrepreneurship. In countries such as the United States, there are more startups than ever before meaning that there is increasing job creation, allowing more people to rise out of poverty.
- Social Equality: Entrepreneurship has caused social equality because everyone now has access to information and goods that were previously only accessible for those who had money to spend on them or who had a lot of free time on their hands. An example of this is when Steve Jobs developed the iPhone. Because of the lower price of the phone which made it more accessible to more people, it has created a ripple effect that has led to more innovation in technology and led to a global shift towards smartphones.
- Sustainability: Sustainable entrepreneurship is important for reducing our impact on the environment and creating a cleaner environment for our children to live in. Entrepreneurship has been a big part of helping resolve many environmental problems such as energy efficiency, sustainable energy, waste management, and water conservation among others through technology innovation that advances over time.
- Health: Entrepreneurship has played a big role in promoting healthy living through technology. From apps that track our steps to wearables that track our sleep and heart rate, to hospitals that are developing cures for diseases such as cancer, entrepreneurship is helping make the world a healthier place.
- Social Good: Many entrepreneurs are using their companies as a way to create social change and use the resources they have available to help people around the world. In many cases, entrepreneurs not only donate money to charitable organizations or foundations like Mark Zuckerberg,Ratan Tata, Mukesh Ambani, but they also use their skills and resources as business owners to advocate for changes that will make people’s lives better (Forbes).
- Innovation: Entrepreneurship is also a driving force behind innovation and technology innovation in our world. Startups often start out by innovating on small ideas that can be implemented quickly before taking some time to work on bigger ideas that will require more sustainable growth throughout the world.
Conclusion: Entrepreneurship has come a long way from the days of the “Old Ways” and the invention of the first business, but it continues to evolve today. It is critical for a society to have entrepreneurs, innovators, and future leaders because without entrepreneurs society will stagnate and it will be impossible for our civilization to move forward.