Entrepreneurship term initially coined as organiser of orchestra events, has come a long way to be now associated with a person who is a risk bearer, an organiser & an innovator! But seriously, why the sudden limelight and fuss? Are we right in hailing entrepreneurship as a nation’s savior?
One of the functions of Entrepreneurs is that they bring into picture new factors of production by innovation or by combining the existent methods of production in an innovative manner so that the Profit margins increase. Now when the Profit increases the Entrepreneurs will have much more money to invest in other businesses creating Employment opportunities for all. The creation of these opportunities eliminates poverty or to some extent reduces poverty & hence reduces unemployment.
Generation of more employment opportunities will help increase the national income of the economy. More income will attract more taxes which will help the Government of the country to write off its debts or at least reduce its debt to some extent making economy even stronger with time
Entrepreneurs introduce the technological advancements in their areas & improve the productivity. This means more production for the same input. Hence more products can be made for the same input ensuring that the demands of the people of the country are met. This increases the standards of living of the people. When the standards of living increase people have access to all the basic necessities of life & the percentage of people below poverty line decreases.
There’s no doubt that the actions of the Entrepreneurs enable the developing economies like ours to grow at a faster pace.
Entrepreneurs are the engine of the economy, and a business plan competition often serves as the spark that gets them going. Nothing can get better for aspiring entrepreneurs than to have a platform to simplify the process of starting their venture. ESPIRE 2010 provides these business thinkers a network of support to actuate their plans, right from mentors for assistance to potential investors for backing their plans. Hop in , Have fun ideating and executing!