Importance Of Entrepreneurship In Society

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Entrepreneurship plays a very important role in a society. They are sometimes referred to as important national assets due to the positive impact they create for the society. Entrepreneurship importance can’t be downplayed. They are huge contributors to the development of the society. This paper will attempt to explain the importance of entrepreneurship. Entrepreneurs are important due to the fact they create new businesses in the market. An entrepreneur with a enterprising mind will create new business to compliment the economy. The creation of new business will create a new source of revenue in the economy. Example of this is when Air Asia was started in the year 2002 to cater to the budget travelers. This created new business in the aviation …show more content…
With their businesses and the revenue they generate in the economy, it is an important aspect of the entrepreneurship role in the economy of a country. Air Asia currently is a multibillion dollar company, whom pays a significant amount of tax revenue to the Malaysian Government. This tax revenue helps the government to spend on the development of the country. Social changes in the society are also created by entrepreneurs. They create business which can impact on the society in good way. They help to change society for good with their new business. Air Asia creation in 2002 allowed people who couldn’t fly before to be able to fly now. Their cost efficient model which allows the flight ticket purchase to be considerably lower than their competitor have allowed the aviation industry to flourish in Malaysia thus allowing people in the lower income group to travel by air frequently something which would not have happened before …show more content…
Their bold, innovative and forward thinking ideas have played massive roles and made positive changes to the societies where they belong.
QUESTION 1. (ii) An idea is basically a raw concept without an experience which can be developed into a money making venture. A proper idea need to be relevant and able to cater to the needs of the potential customer, unique, innovate, have clear focus and must be profitable. An opportunity is a concept which is proven to create money making venture. This opportunity must be understood, developed, structured and catered to develop as a venture which will generate revenue. An opportunity must have potential for profit, residual income, can be improved later and must be of low risk factor. A major difference between an idea and opportunity is that you can sell an opportunity but not an idea. Example of this when a 7-11 franchise is offered to you, you can see the tangible profits and be willing to pay to own the franchise. But if a new franchise idea is being sold to you, you tend to ignore

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