The Importance of Entrepreneurship

Asssalamualaikum. Hello again! 

Now that we have identified what is Entrepreneurship, let's go straight ahead to the importance of it. As claimed by Aman Shah & Soon Teik Lan (2013), "Entrepreneurship plays a vital role in today's society for various reasons,". [2] The wonders of Entrepreneurship are as follows:

1. Self Development

Entrepreneurship has many wonders of it. One of them is self development. According to Aman Shah & Soon Teik Lan (2013), "An entrepreneur has to maximize his potential skills and credibility to face any challenges and obstacles in order to succeed in his business,". In other words, self development means that a person would never stop improving and developing himself or herself in everything. Self development basically means continuous self enhancement. In this particular context, which is in business context, self development implies one's hard work and initiative in improving himself in developing entrepreneurial attitudes and entrepreneurial skills and in achieving higher performance in business. A good entrepreneur is the one who look for opportunity and never close one eye to every opportunity there is and one who never satisfies with his achievement, will strive harder, forever craving and striving for success.

                                                           2. Family Development

Other than self development, Entrepreneurship can also enhance family development. It is said that, "An entrepreneur is an individual who actively forms or leads his own business and nurtures it for growth and prosperity. The entrepreneur's family members also gain from the business by achieving greater independence of action, greater resilience in hard times, and better chances to obtain financial benefits without neglecting their responsibilities as members of the family," (Aman Shah & Soon Teik Lan, 2013). By indulging oneself in Entrepreneurship, one can increases family income, raises living standards, as well as improves social status (Aman Shah & Soon Teik Lan, 2013). 

3. Society/Community Development

We should not forget that Entrepreneurship is also important due to its role in the development and introduction to the marketplace new and innovative goods and services, which each valued by society (Aman Shah & Soon Teik Lan, 2013). Entrepreneurship helps society/community in improving the lifestyle of the society, open up opportunities to contribute to the society, fulfills the unlimited needs and wants of the community and also in creating choices through innovative and creative production techniques (Aman Shah & Soon Teik Lan, 2013). Easily said that entrepreneurs help in a country's infrastructures and modernization. Entrepreneurs also help in creating and strengthening the bonds among society becquse in Entrepreneurship, sales and buying involves, therefore sellers and buyers are involved, hence interactions are definitely there. Enough said, Entrepreneurship is important in developing the society. 

4. National Development

According to Aman Shah & Soon Teik Lan (2013), "Entrepreneurship is essential for the economic development of every country locally and internationally,". In addition, "When the products or services produced by the entrepreneur win the hearts of people in his own country, there is no doubt that the business will eventually expand to neighbouring countries in due time. Hence, aspiring entrepreneurs must prove that whatever entrepreneurial activities they choose to undertake will be beneficial not only to themselves but also to the national economy," (Aman Shah & Soon Teik Lan, 2013). All in all, entrepreneurship helps nationally in produces products of high quality, creates more job opportunities and acts as a catalyst to national development.

5. Spiritual Development

Despite contributing to self, family, society and national development, Entrepreneurship is also important spiritually. Why do I say so? Let's look at the practices in Entrepreneurship or one's business. Is there any frauds or illegal actions involved in the business itself? Think about it, in some ways and at some point, we might think about the inputs of a business. As an entrepreneur, one should take these little things into account because these little things matter. It is to give eye-openings to people to remember to always have clean hands. In this context, an entrepreneur should practice good moral values in their business and they have to remember to never neglect religious obligations. For example, a Muslim entrepreneur should remember to avoid taking riba' or interest in business because it is against Islam's teachings. By indulging oneself in Entrepreneurship, one can enhance and develop spiritual growth gradually, so that one would not just become a better entrepreneur, but also a better person, all around.

6. Investment for Future

The most wonderful thing about Entrepreneurship is it is as an investment for our future. Investing an amount of money in business will not give harm to oneself, instead it can improve one's life to become better. Indulging yourself in business is already considered as an investment. Yes, in business, there is a risk, in fact there are risks. When you invest, you will probably win or lose. But, it does not matter. What matters is you invest, you take action, you have effort. Nowadays, the economy tend to rise and fall unconsciously, as a wise citizen, one should find alternatives in increasing savings, not just for himself, but for his future, for his family and for the next generations. We want the next generations to feel what freedom is. By this I mean, you will not be free if you are tied with debts. Freedom in this context, means we get to buy not only our needs, but our demands as well. All in all, Entrepreneurship is an investment, a good one, for the future.

Reference:

Aman Shah, S.H. & Soon Teik Lan, C. (2013). Entrepreneurship. Selangor, MY: Oxford Fajar Sdn. Bhd. [2]