What Are The Importance Of Entrepreneur – We will discuss the importance of entrepreneurship development in Bangladesh. Bangladesh is facing huge problems of unemployment and underemployment. With the increasing unemployed population of the country, the problems are getting acute day by day. Educated and semi-educated youth are the worst sufferers.
It is the responsibility of the government and the society to provide gainful employment opportunities to the youth and utilize their energy for the prophetic purposes.
What Are The Importance Of Entrepreneur
However, promotion and development of labour-intensive micro enterprises and small and medium-sized industries can be an important strategy to overcome these problems.
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Bangladesh has enormous potential for industrial development, both in terms of material and human resources.
1. Reducing Unemployment: Unemployment can be reduced to a great extent by the development of entrepreneurship. Because if entrepreneurship is developed in a country then it needs a large number of workers for each stage. Therefore, it can reduce unemployment.
2. Decrease in capitalisation: This is the era of capitalisation. And the capitalization has increased because of some big entrepreneurs. But if we can develop entrepreneurship in large numbers then it can create competition in the market and reduce capitalisation.
3. Economic balance of the country: It can bring the economic balance of the country because many people are in economic condition when an entrepreneur starts to operate the business.
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4. Local resources can be utilised: Enterprise development ensures the utilization of local resources. And it grows after the local cash.
5. Increase in per capita income: An entrepreneur can arrange employment for many unemployed, which reduces the problem of unemployment as well as increases per capita income.
6. Improving the standard of living: As I said in the previous paragraph, a successful entrepreneur can manage multiple jobs so that the standard of living improves. Take the initiative, and they will be successful in a variety of situations. Cure-E introduces students to entrepreneurship concepts by bringing EM experiences into the classroom, and provides tools for students to assess and reflect on their English.
Entrepreneurs are not born. Anyone can develop the spirit of entrepreneurship. You just have to learn to think like an entrepreneur. The Network for Teaching Entrepreneurship has developed eight skills and attributes that comprise the entrepreneurial mindset:
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Employability skills are changing rapidly within industries and job opportunities. The jobs of the future will require mass customization. Focusing narrowly on a person’s skills or job that no longer exists can lead to an impasse.
“65% of children entering primary school will eventually work in new types of jobs that do not yet exist.” January 2016, World Economic Forum
An entrepreneurial mindset (EM) enhances students’ learning by teaching them persistence, tenacity, creativity, problem solving and collaboration so they can identify problems and find solutions. Research shows that an entrepreneurial mindset is highly sought after by employers and improves student completion and academic achievement.
“Tomorrow’s ‘soft’ skills are tomorrow’s hard skills.” Supporting the Next Generation, the Entrepreneurial Mindset and the Future of Work, Research Brief Presented by EY and the Network for Teaching Entrepreneurship, 2018
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Developing an entrepreneurial mindset involves learning skills, reflecting on behaviors and challenging norms to enable oneself to meet challenges.
“… adaptation will require higher educational attainment, or greater time spent on activities requiring social and emotional skills, creativity, higher-level cognitive abilities, and other skills that are relatively difficult to automate.” Jobs Gone, Jobs Gained: Shifting the Workforce in the Age of Automation, McKinsey Global Institute, December 2017
Students who speak English focus on creating value for others. This other-centered approach naturally lends itself to a powerful approach to design called Design Thinking, where the entrepreneur develops skills in keen listening, observation, and empathy to better design solutions to complex problems. Human-centered design focuses on deeply understanding users’ experiences and pain through building empathy, creative problem solving, testing, and iteration. CURE-E includes much of the work of the Stanford School of Design and IDEO.org. Learn more about human-centered design and download the free Field Guide to Human-Centered Design. (Opens in a new window)
Entrepreneurial Mindset: The belief that a positive human attitude and strong attitude and mind create great solutions to the world’s problems small and large. Design Thinking or People-Centred Design: People are at the center of every possible opportunity and therefore the best solutions.
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The combination of EM and Design Thinking with graduate research opportunities in the classroom provides a framework for students to build the confidence and understanding to continue their educational challenges and to understand their learning and the world around them. An entrepreneurial mindset teaches students to learn from failure:
The Entrepreneurship Teaching Network has excellent resources and research on the benefits of an entrepreneurial mindset. More about Entrepreneurial Mindset. (Opens in a new window)
The entrepreneurial mindset can be implemented in a classroom, lesson or activity. It begins with first identifying the states of mind that an entrepreneur experiences on their journey to create value and discover opportunity. At the core of the entrepreneurial experience and design thinking are the following three steps: Discover, Design and Do. Help students develop their entrepreneurial mindset by implementing some of the activities below to engage them more deeply with their learning and apply their understanding to solve problems and create value.
Learn about Mindset, see the Entrepreneurial Mindset at work, and learn how to incorporate EM into your daily life (Opens in new window)
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Learn about the growth mindset and static power and define your design or thesis (Opens in a new window)
Several variations can be created depending on the goal, technique and desired result. Creating brings together the processes of discovery and imagination that can be evaluated, touched, seen, smelled, etc. Once done, it can be improved upon. Repetition is the key to any great invention.
For students to get authentic entrepreneurial experience, they need a client. The client may be directly involved with the research or may be loosely involved.
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For example, a client more closely involved with the research might be a biology class researching waterborne parasites and a client benefiting from the research living in an underdeveloped country with limited drinking water infrastructure, or the same biology class . Researching parasites can define their client as a citizen scientist who, with the right portable and inexpensive equipment, can provide valuable data on parasite populations. In the first instance, the research results may directly benefit the customer but in the second instance the process of conducting the research may result in a product that will benefit the customer.
It is helpful if the instructor can be flexible in explaining to the client and implementing their research goals. Here are some questions to ponder: Entrepreneurship can be considered a national asset, and entrepreneurs bring that asset to any country. It is a dynamic process that not only increases wealth but also creates value leading to better well-being.
Entrepreneurship plays a vital role in transforming society, so it makes sense to nurture, encourage and reward this greatest asset as much as possible.
In entrepreneurship, unused resources, labor and capital, are most efficient. Entrepreneurs take risks with the hope of making a profit, or in the case of social entrepreneurship, to solve a problem facing communities. Hence the importance of entrepreneurs and the role of entrepreneurship goes beyond the business world. The importance of entrepreneurship is so broad that it is difficult to explain all its aspects in a short blog post. However, I would like to throw some light on the importance and role of entrepreneurship in economic development and society.
Importance Of Entrepreneurship In Economic Development
Entrepreneurs are important for market economies because they can act as the wheels of a country’s economic development.
By creating new products and services, they stimulate new employment, which ultimately spurs economic growth. Therefore a public policy that encourages and supports entrepreneurship should be considered important for economic development.
Entrepreneurship creates a large number of new jobs and opportunities. Entrepreneurship creates a large amount of entry-level jobs that are important for converting unskilled job holders into skilled jobs. Creates and supplies experienced workers for major industries. The increase in total employment of a country largely depends on the increase in entrepreneurship. Hence entrepreneurship plays a big role in creating new job opportunities.
By bringing innovation to all aspects of businesses, entrepreneurial ventures improve production by using existing resources in the most efficient ways. Entrepreneurs develop new markets by introducing new and improved products, services and technology. Thus, they help in generating new wealth and contribute more to the national income. So the government can provide more national benefits to the citizens.
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Through the right research and development practices, entrepreneurs bring about new innovations that open doors to new enterprises, markets, products, and technology. Entrepreneurs have a role to play in solving problems not yet solved by existing products and technology. Therefore, by producing new products and services or by innovating existing products and services, entrepreneurship has the potential