ENTREPRENEURSHIP IN SOCIETY: ITS ROLE AND IMPORTANCE

According to Robert G. Allen, “Entrepreneurs are the true wealth creators…” Economists and businessmen have no doubt that the private sector is a lot of ways much more efficient than the public sector. However, only a minute percentage of people concur to this position.

The larger number of members of the society are of the view that the reason for the quest for business enterprise is borne out of man’s insatiable thirst for money and other selfish aspiration and they decline to perceive the role business play in contemporary society, the essence of entrepreneurship to individuals, the importance of entrepreneurship to economic development and the importance of entrepreneurship in developing countries- the role that makes business not selfish at all.

Thus, I shall be discussing some of the role and importance of entrepreneurship in society, viz:

1.      Business is the process of production and distribution of ideas, goods and services to complement certain public needs. In the process of accomplishing this task, it has to be flexible and constantly reach the final consumer’s demand: as it would be inconsequential to produce something that nobody wants to buy.

2.      Business aids job opportunities. More so, most jobs business aid in creating, are productive jobs, i.e., people employed by business ventures produce ‘real goods and services’.

3.      Business provides income: here, we come at last to the money matter. However, the income that business provides is by no means restricted to the profit earned by its owner, as it pays salaries and wages to its employees, and this makes the whole business world go round. Thus, they spend their earnings from the business purchasing all kinds of goods and enhance further development of business ventures.

4.      Business plays a role in nation building. It does this in various forms, viz; payment of taxes, which enables the government to maintain all its public and socio-economic institutions and services; by investing money in the development of sciences and technology and setting up new enterprises; by the maximum utilization of local resources, which include those situate in remote rural areas, and in a number of other ways.

5.      Business helps enlighten and educate people and further strengthen their personal growth. Thus, high degree of competition, makes it essential for both employers and their employees to be involved in the constant process of learning and developing their personal qualities, such as creativity, determination, communication skills and vision for new business opportunities.

Therefore, despite the views of the public on this discuss, business is not all that selfish purpose. According to Winston Churchill, “Some see private enterprise as a predatory target to be shot, others as a cow to be milked, but few are those who see it as a sturdy horse pulling the wagon”. Thus, it is more unselfish than a lot of public institutions. It does not exist to satisfy its own needs; as that is a sure way to business failure.
Finally, contrary to the above position, its function is to satisfy in all, the consumers’ demands-our demands, and to earn us a comfortable life. Hence, in one’s decision to venture into a business enterprise, he should bear it in mind that it is a means to be of service to society.

AUTHOR: NNAJI GODBLESS CHIDOZIE

Entrepreneurship is a lifestyle. Embrace it.