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This article seeks to explain the immense benefits that comes with entrepreneurship to individual entrepreneurs, the various societies contribution and national economic development .It will attempt to clearly outline the benefits of entrepreneurship beyond job creation and or employment creation and empowerment to immediate society development and entrepreneurship contribution towards the national income and gross domestic product (GDP). Available Research has shown that 2014 to 2018 government services contributed about 17% towards Gross domestic product (GDP) in South Africa with 83% coming from private sector. Small to medium enterprises contributed about an estimate 47% towards South African economic development and 20% towards gross domestic product (GDP), paying 6% corporate taxes as national income.
What are the benefits of entrepreneurship to individual entrepreneurs? The most attractive benefit that comes with entrepreneurship is the flexibility and autonomy that entrepreneurship brings to various entrepreneurs, Employment comes with a lot of confinement,and containment of aspirations and a lot of entrepreneurs do not like the suffocating environment and unnecessary regulation that comes with employment. The freedom that comes with flexible working hours, the latitude and enough space to be innovating, imagining and creating brands,and companies has been very enticing to entrepreneurs as well. A lot of creative entrepreneurs have admitted that they felt emasculated and suffocated under employment as compared to running their own enterprises.
Entrepreneurship has given a lot of entrepreneurs the much needed latitude and legroom for creativity, imagination and innovation. It has afforded a lot more entrepreneurs to create careers of their own choice with their own cherished and desired values. Entrepreneurs have been able to constantly determine their own career paths,growth and development without limitations.One may not underestimate the benefits that come with financial freedom and economic independence at individual entrepreneur level. These immense benefits that entrepreneurs have been able to enjoy as individuals have been magnified and amplified beyond the individual entrepreneurs’ level to society and the nation at large.Close and immediate societies and communities have benefited as well from entrepreneurs activities as they grow and expand their businesses.
Entrepreneurs have created immediate and direct jobs through their companies as they employ people from their own immediate environments and nearby communities.A lot of downstream indirect jobs have also been created by entrepreneur companies which indirectly benefits the immediate society and communities around these economic activities. Infrastructure development where roads, railways and or airports are built in a bid to improve the transportation and network system has immediately benefited the surrounding and immediate close communities. Entrepreneurship has been able to build and develop schools and or clinics in the areas around their companies. This is usually around mining companies communities and or even private schools or private clinics and hospitals. There have been shopping malls and residential properties that entrepreneurs in the real estate space have been able to build and develop further benefiting the communities around them.
As shown above , a lot more private companies continue to make significant contributions towards the National Gross Domestic product (GDP) as well as national income through payment of corporate taxes. A lot more good good corporate citizens have continued to play a very crucial and critical role towards national economic development. Entrepreneurship has continued to create direct jobs through employment creation and indirect jobs through other down stream job opportunities they continue creating. Entrepreneurship has sustained governments by religiously pay corporate taxes which money is used towards public service and government services.
In our next installment we will look at ‘Transitioning from being an employee to an Entrepreneur’
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