The law of economics states that for there to be a supply, there’s got to be a demand. This means that for every demand, entrepreneurs have to match up the supply. Entrepreneurs are innovators. They create businesses that serve our needs in the marketplace, turn ideas into physical products or render services that need entrepreneurial intervention. Basically, the world runs and is sustained by entrepreneurs.
Entrepreneurship is the reason we are where we are at this point in time. For instance, the vehicles we all drive were conceptualized, designed and manufactured by an entrepreneur. Before it got to the manufacturing stage, a lot of mental manufacturing processes would’ve taken place. There are the whys, whats, hows, whos, and wheres of productions. Why should we design a car? For who? What kind of cars would fit certain demographics?
Entrepreneurship extends beyond consumer products. A medical doctor may diagnose a disease but the diagnosis would not be complete or accurate without a thorough medical examination through sonograms, mammograms, MRIs, and so on. A medical professional can diagnose and read the result of a comprehensive medical diagnosis of a patient but the potential cure cannot be done without further treatment options. The doctor would have to rely on the best form of manufactured vaccine or medication from pharmaceutical companies to treat the patient.
Without proper equipment, there would be no accurate diagnosis, and without proper medication to treat the symptoms, the patient’s health and life would be at risk. This shows that entrepreneurship is a huge part of medical processes and procedures.
Entrepreneurship is not just about mapping business ideas; it is about drawing a solution to a certain human problem. Our world basically runs on the creative and intellectual impact of solutions providers.
Human wants are unlimited and as the world experiences shortages of food and other consumer products due to the global health pandemic, and economic and climate changes, the world needs more entrepreneurs.
Sustain life
Per economics, there are three basic human needs – food, clothing and shelter. These needs are very fundamental to human existence, and without them, the performance level we are expected to function will be very low. There are entrepreneurs like me in the business of ensuring that food, clothes and shelter are provided for the continuation of the human race.
For the present and future, we have come to depend heavily on technology and amenities that make our day-to-day lives more convenient. From medical technology down to entertainment, entrepreneurship is the catalyst for the advancement of human capital and development.
Create jobs
The wealth of a nation is dependent upon what each individual contributes towards the gross domestic product. A nation that is self-sustained is a wealthy and powerful nation. More entrepreneurs are often needed to design more ideas and products that will empower each individual, which will allow the country to prosper in revenues.
Enjoy life
Life wouldn’t be fun if we are forced to live by some stringent economic rules that don’t allow room for freedom and financial and personal growth. We’d all be miserable. We are a creature of emotion and in the inner corner of us, we want to be free. The reason we wake up in the morning to go to work is to be financially free and independent. With entrepreneurship, you can do what you love, solve problems, save humans and gain satisfaction.
Build legacies for the next generations
A legacy is creating something substantially impactful and leaving it behind for the coming generation. Having a business legacy cuts beyond thinking about money. The actual legacy is making sure the coming generation taps from the business idea to also solve another societal issue. If money is the root of the belief, well, money finishes. Leaving behind an emulatable idea is worth beyond what money can buy, because an idea is like a seed, if well nurtured, it can produce thousands of other seeds.
Entrepreneurship isn’t rocket science; you need the vision to commence and the tenacity to continue. If we all can be entrepreneurs, forming ideas to solve a basic problem, then the world could leap into ease gradually.
