How Entrepreneurship Can Contribute to Global Prosperity

Globes
August 6, 2019

For most modern entrepreneurs, running a successful, profitable, and well-known business is no longer their primary goal. They are now constantly on the lookout for ways to be more involved in the community. They help introduce and initiate changes that improve the economic condition of the community and the social well-being of citizens.

Many of these entrepreneurs do not confine their contribution to economic and social betterment to their communities; they are aiming to go global as well. Because of this, they also play key roles in promoting and boosting global prosperity.  

What is Prosperity?

Today, prosperity is no longer a concept that pertains to the condition of being materially and financially wealthy. True prosperity, particularly on a national scale, is a multifaceted theme that is created by the successful working combination of various important factors.

The Legatum Institute, an independent UK think-tank and educational charity, lists the key pillars of prosperity as:

  • Economic Quality
  • Business Environment
  • Governance
  • Education
  • Health
  • Safety and Security
  • Personal Freedom
  • Social Capital
  • Natural Environment

When all these pillars work together in a relationship where each benefits from and advances the other, a country experiences growth in material prosperity and, at the same time, improved living standards.

Additionally, when all nations achieve these two improvements, social justice, which includes the elements of welfare and personal well-being, is also attained on an international scale. This, then, leads to global prosperity.

Entrepreneurship and Global Prosperity

Global prosperity is on the rise, thanks to mindful, socially responsible entrepreneurs. They contribute to achieving this worthwhile goal and status in the following ways:

Generating More Jobs

To attain financial and economic well-being and upliftment, people need to have jobs. They need to have reliable sources of income that will sustain their individual needs and those of their family.

Research shows that entrepreneurs are creating more jobs at a higher rate than those of established companies. New businesses always need to hire workers. Because of this, more people have access to better employment opportunities.

These new jobs are excellent economic opportunities that elevate and support communities by boosting the quality of life and overall standard of living of residents.

When entrepreneurs decide to expand or fund other ventures in other countries, more employment opportunities will be available for more people. This further contributes to global prosperity.

Introducing Products and Services People Actually Need

Since entrepreneurs are now more mindful and responsible, they think of and create new businesses designed to meet unanswered needs and demands in the market. They design products or services that are not currently in existence or otherwise available but which the public require or clamor for.

Opportunity entrepreneurs, or entrepreneurs that create businesses based on the needs of consumers, are considered key players in fostering local economic growth. They provide products and services that people need to be productive and, hence, will actually sell.

When opportunity entrepreneurs opt to provide their products and services worldwide, they allow more people to have access to these offerings. They, then, contribute to the productivity of their customers and the betterment of their lives.

With the contribution of opportunity entrepreneurs to job creation and economic growth locally and internationally, they help improve global prosperity.

Contributing to National and Global Income

With the creation of new businesses, entrepreneurs generate new wealth. These entrepreneurial ventures enable new markets to be developed as well.

The generation of new wealth coupled with increased employment contributes to better national income through higher tax revenue and greater government spending. The local government can then use the extra revenue to invest in human capital, social services, and struggling sectors.

In addition, once entrepreneurs expand into regional and global markets, they contribute to the region’s productivity and earnings as well. This increase in revenue strengthens the region’s economy and supports the overall welfare of a population.

It is also worth noting here that engaging in regional and global trade paves the way for investments in transportation and infrastructure. These improvements also strengthen economies and enhance the quality of living among the locals.

Helping Address Environmental Issues

Modern entrepreneurship comes hand in hand with innovation. When it comes to addressing various environmental challenges such as fighting climate change, reducing carbon footprint and waste, and preserving biodiversity in the environment, innovation is one of the must-have tools of individuals and organizations.

Most entrepreneurs are open to using and introducing innovative solutions to deal with the biggest environmental issues. More importantly, they willingly share access to technological developments such as sustainable energy, irrigation technology, and urban infrastructure with others.

Because of these, other people and groups will also enjoy a boost in productivity. And this translates to economic growth without harming the environment.

When this access to innovation is shared with other countries, prosperity spreads as well. In addition, the ecosystems of these nations get to benefit from such actions as well.

Initiating Social Change

Many entrepreneurs score high on corporate social responsibility. They prioritize implementing guidelines and policies that protect the welfare of their employees. Additionally, they introduce changes that improve the quality of life not only of their employees but also everyone in the community.

Additionally, they are agents of change that promote equality and diversity in the workplace and in the community. They are also open to investing in community projects and providing financial support to charities. This facilitates further development beyond the entrepreneur’s own venture.

It is also worth mentioning here that most entrepreneurs today are breaking away from tradition and promoting freedom by reducing their dependence on old, obsolete systems and technologies. They use and introduce technology that improves productivity and quality of life, and promotes economic freedom.

The innovations entrepreneurs introduce into their own companies also favorably impacts the environment. As such, positive change not only takes place among groups and individuals. It can have beneficial effects on the ecosystem, too.

Entrepreneurs play an important role in helping their nations achieve prosperity and economic growth. However, they shouldn’t focus on simply aiding their nation and countrymen. By being open to collaborating with other business owners, organizations, groups, and individuals, everyone will have a better chance of enjoying a better quality of life and equality.

This will go a long way in helping all nations experience global prosperity which should be on everyone’s primary agenda.

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You may find yourself having a hard time trying to stay motivated while working from home. Working remotely may be something you’re used to or it could be something that is new due to COVID-19. Either way, sometimes it can be hard to stay motivated.

5 Reasons You Should Consider Working At Shared Working Space

Small businesses looking for flexibility and remote work have been using shared working spaces for a while now. This has been primarily because shared working spaces help businesses cut costs and workers network more efficiently.Sharing a working space with other professionals can also increase a worker’s productivity.

Marketing During Pandemic: 4 Ways to Improve Your Business

If you’re a business owner, you’ve likely been faced with different challenging scenarios in the past few months. You’ve probably had to cut some funds on certain areas of your business. If you want to sustain and ensure business continuity at the highest level, you shouldn’t make the mistake of drawing back your advertising budget.

5 Tips for Successful International Networking to Grow Your Business

In case you’ve set up your own digital business, you understand the value of community support and industry recognition. Both of those can come in various forms, and as a leader in your field, you need to invest time, effort, and creativity into earning them. Thanks to overwhelming digitization, most entrepreneurs can have a global presence, so there’s no need to stick to the local market alone.

3 Tools To Manage Your Productivity As a Leader

A productive individual is one whose effort achieves the purpose of trying out an endeavor in the most effective way possible. I always put an effort to know more about ways to make myself more productive in every area of my life, and since you’re reading this, I’m pretty sure that you’re also putting in an effort to learn ways to be productive.

Legal Essentials for Online Entrepreneurs: Insights from Business Lawyers

Legal Essentials for Online Entrepreneurs: Insights from Business Lawyers

The blog “Legal Essentials for Online Entrepreneurs: Insights from Business Lawyers” offers crucial advice for online entrepreneurs. Business lawyers provide insights on vital legal aspects, such as forming a business entity, protecting intellectual property, drafting contracts, and complying with online regulations. Understanding these legal essentials is essential for safeguarding the business and avoiding potential legal pitfalls that could arise in the digital marketplace.

Tips for Starting a Gardening Business in Your Community

Tips for Starting a Gardening Business in Your Community

Embarking on a gardening business is a bewildering journey that promises both intrinsic satisfaction and monetary success. The paramount initial step is to scrutinize the varied gamut of services you would want to render, followed by an intricate search for tools and supplies to substantiate the execution of those services. Crafting a business and financial plan is an absolute must, especially given the burgeoning competition from fellow green-thumbed entrepreneurs amidst the backdrop of the COVID-19 pandemic. Establishing an online presence through a website and social media and designing business cards and flyers are integral to drumming up business. Lastly, building a loyal clientele and network is paramount for sustained success in the horticultural realm.

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