The Importance of Entrepreneurship in Today’s World

Photo by Aditya Chinchure on Unsplash

A World Without Entrepreneurship

Have you ever wondered what life would look like without some of the things you often take for granted? For instance the calculator on your phone, online shopping, lactose-free milk, Netflix, TikTok, free pizza delivery, the list is endless. If you have, then we dare to say that the realisation you made is precisely the reason why entrepreneurship is so important in today’s world.

What realisation? Well, all you need to do is read along because we are here to let you in on what the world would be without entrepreneurship and therefore, why entrepreneurship is so important for you and for the world.

The development of goods and services from simple ideas transformed rudimentary forms of life, to the complex and refined forms of civilisation that we enjoy today. This is the very essence of entrepreneurship.

How Did Entrepreneurship Begin?

Without turning this into a boring history text, let’s travel back in time to the year 17,000 BCE in New Guinea. This is among the earliest times and places when entrepreneurship was first discovered. At this time, people would engage in trade, exchanging volcanic glass for other goods. The volcanic glass was important because it made hunting spears which in turn assured people of a daily meal.

Of course entrepreneurship, like many other things, evolved from trading volcanic glass, to growing crops, then to the trading of such crops, which then led to the formation of villages because people no longer needed to move around in search of food. The villages then gave rise to trade routes and cities, and the two brought wealth and innovation, which in turn helped shape the earliest advancements in science, art and modernisation. Entrepreneurship therefore differs from innovation in that the latter involves developing a creative idea, while the former is the process or means by which the creative idea is executed.

What Is The Importance of Entrepreneurship?

From all this we see that some of the world’s greatest transitions and developments have come from entrepreneurship. The development of goods and services from simple ideas transformed rudimentary forms of life, to the complex and refined forms of civilisation that we enjoy today. This is the very essence of entrepreneurship. The importance of entrepreneurship lies in its ability to nudge individuals, and the world, to move in a progressive direction. It shapes the course of history by preparing the path for the future. This is made possible by:

1. Creating Solutions to Problems

The world as we know it is faced by a myriad of problems. Youth unemployment is one such. Did you know that about 68 million young people who actively seek jobs are unemployed worldwide? A crazy number right? Not really, if you compare it to the 175 million children that lack pre-primary education, or the 1.7billion adults that lack financial inclusion according to the Findex data.

Amazingly, big as these problems appear to be, entrepreneurship is among the few efficient ways to combat them. Organisations such as the Worldreader are providing vulnerable and underserved communities with digital reading solutions to better learning outcomes. The MasterCard Foundation on the other hand is working towards creating financial literacy and inclusion, while others like the Google Garage striving to equip people with skills that they can use to generate income These are a few samples illustrating the power entrepreneurship has in solving some of life’s problems.

2. Challenging The Status Quo

The second importance of entrepreneurship is that it breaks trends of stagnation. Entrepreneurs are almost always outside-the-box thinkers. They are not limited by the state of things as they are. Instead, they focus on the possibility of making situations different in future.

This is why entrepreneurship wields so much power to challenge the status quo. Be it in initiating social change, replacing old ideas with new, more effective ones, or improving service delivery, entrepreneurship serves a critical role in making sure we stretch our limits for the better.

3. Creating Value

Lastly, but most importantly, entrepreneurship is the home of value. In fact, we can almost all agree that there isn’t a single entrepreneurial venture that does not boast of the value it intends to bring to the world.

So, entrepreneurship should present a new value. And this makes it such a powerful tool in society and especially for individuals. Through entrepreneurship, you gain a new perspective of things, a new process of running your day. You get quality, convenience, variety, a faster, cheaper, more efficient way of getting what you want.

Are There Companies That Help Improve Entrepreneurship?

Well, now you know why entrepreneurship is important to the world and to you, but the question remains, are there others who understand this as well as you do? The answer is yes!

Here at Edventures, we understand that entrepreneurship is important. We also believe that personalised entrepreneurship education and guidance should be made as simple as texting. That is why we have developed solutions to help empower your entrepreneurial ideas.

With the help of Anna, an AI powered personalised entrepreneurship assistant, anyone with entrepreneurial ambitions can send a text and get a response with answers to all of your entrepreneurship-related questions. How great is that! It’s almost like talking to your best friend about your life’s ambition, only this time, your best friend has answers to everything you need and never delays a response!

No Idea Is Inhibited

When it comes to entrepreneurship, the world has made us believe that only grand ideas are worth the time. But with us at Edventures, no idea is inhibited. We believe in this so much that we’ve even defined it as our vision.

We are here for you, the budding entrepreneur. So, do you have an idea that you want to grow but don’t know where to start? Do you want to solve some problems in your community? Do you want to add value to the people around you? If yes, sign up for our waitlist!