1. Benefits to an Individual
Entrepreneurship plays a significant role in the growth and development
of an individual. Some of the benefits offered are as follows:
* People who are self employed enjoy great pride in achieving success
on their own. It gives a boost to their confidence and self-esteem. They
are highly motivated which in turn push them to achieve great heights.
* Entrepreneurs are able to work as per their rules and regulations.
They are their own boss and can enjoy the authority to take independent
decisions.
* Entrepreneurs are able to generate wealth for themselves which can
take many years while working as an employee for other people.
* A person who works continuously for eight to ten hours a day feels
tired and exhausted after the day's work. It increases their fatigue
level which in turn affects their productivity and efficiency in the long
run. An entrepreneur is free to choose his working hours as he is the
boss and nobody is entitled to question his decision.
* Due to flexible work hours, an entrepreneur has ample time at his
disposal. He is therefore able to devote a considerable amount of time to
his family and friends. During his spare time, he can even indulge
himself in certain recreational activities like sports, movies or hobby
classes in order to relax and rejuvenate.
* An entrepreneur enjoys greater profits which in turn keeps him
going and motivates him to perform better.
Benefits to an Economy
Entrepreneurship is a great way to develop an economy. Some of the
benefits offered to the economy as a whole are as follows:
* Unemployment is the biggest challenge for any economy.
Entrepreneurship helps in providing an opportunity to people to get self
employed. Apart from this it also plays a major role in the eradication
of unemployment by creating employment opportunities for people at
various levels.
* It facilitates the government to fill their coffers with the taxes
that are generated from the entrepreneurship undertakings which in turn
helps them to generate more revenues.
Entrepreneurship is an essential component of any economy.
Entrepreneurship is a concept that is triggered by the growing urge among
people to have their own business. An economy completely supports this
proposition as it not only benefits an individual but the society at
large.