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What is the definition of entrepreneurship?

Entrepreneurship refers to the act of starting a business or company and taking all risks with the intention of making a profit.

However the definition of entrepreneurship is basic. Modern entrepreneurship is about transforming the world through big problems such as creating social change or an innovative product that challenges our daily life.

Entrepreneurship is important

Entrepreneurs create jobs

Without entrepreneurs, jobs wouldn't exist. Entrepreneurs risk the possibility of employing themselves. Their desire to expand their business ultimately leads to the creation of new jobs. As their business grows, even more jobs are created.

Entrepreneurs innovate

Some of the greatest technological advances in the modern world have come from businesses. Technological advances come from a need to solve problems, increase efficiency or make the world better. In periods where there's more technological innovation it's typically an entrepreneur to thank for it.

Entrepreneurs create change

Many entrepreneurs envision big. They want to change the world by introducing their products and ideas. Many of their ideas can become a catalyst for changes around the globe. Their ideas could lead to the creation of a product or a challenge that solves the existing issue.

Entrepreneurs are an excellent asset to society

While some have a notion that the wealthy are selfish and evil, they often accomplish more for the good of society than the average citizen. They are more wealthy, and consequently pay more tax. This helps to fund social services. Entrepreneurs are among the largest donors to charities and nonprofits to support various causes. Some seek to invest their money in developing solutions that help the poorest communities have access to things that we consider to be basic, like clean drinking water and good health care.

Entrepreneurs boost national income. Entrepreneurship creates new wealth for an economy. Entrepreneurs are able to bring innovative ideas to the table and design new services and products which will allow for the growth of new markets and increase wealth.

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