Major corporations may be the most prominent face of the economy, but entrepreneurs are the heart and soul of the market. These take-charge individuals are often equal parts business professional and inventor, creating new concepts and seeing them through to fruition. Along the way, their endeavours stimulate the economy through employment, job growth and competition. Some believe that entrepreneurial spirit is something intuitive while others believe it is something to be fostered through exposure to economic practices and ideas. While there is no doubt that these important figures possess an inherent drive to succeed, many of these go-getters have been influenced by other successful business owners along the way.
Employment is the most apparent benefit derived from this demographic. Every start-up needs employees, and getting in on the ground floor can be attractive for both sides of the table. The employer can often get away with certain allowances for pay and benefits in this initial period and may also have costs off-set by government funding. The employee gets an opportunity to wear many hats, often having to learn new skills on the fly and develop abilities that may have been far out of a prior comfort zone. Furthermore, employees entering on the ground floor have an opportunity to secure managerial positions later on, which often makes start-up companies easy to staff, lightening the burden of unemployment.
Entrepreneurs who are successful continue to grow their company, eventually adapting to a more corporate structure with improved benefits, more job growth and higher demand for specific skill sets, offering employment to niche employees. As these businesses become more successful, their visibility increases, and other hopeful newcomers may even look up to these companies for their innovation and dedication. In turn, these newcomers use these previous innovations as launchpads for new ideas, building on concepts to cater to a more localised market.
In fact, it’s the local market that benefits most from this type of personality. Small business owners tend to be keyed in to one particular demographic. They understand what that demographic is looking for and how best to provide it, forgoing the more corporate style of reaching as many customers as possible superficially in lieu of targeting a smaller group of buyers in depth. These companies become important cornerstones of their communities, fostering economic growth and allowing neighbourhoods to thrive. Whether entrepreneurs are born or created through their exposure to others, there’s no denying the importance they play in society
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