Why Entrepreneurship Is More Important Than You May Think

Entrepreneurship is so much more than the creation or maintenance of a small business. At its root it is about taking an issue in society and finding creative and innovative solutions for those issues, similar to how social activism seeks to address societal issues as well.

Entrepreneurship has been well documented by research to bring low-income communities out of economic hardships. In fact, senior economist Stephen Slivinski found in a major US study that high rates of entrepreneurship demonstrated large reductions in poverty.

As aforementioned, entrepreneurship has strong ties to the cause of social activism, with both seeking to create solutions to issues in society. Because of this, entrepreneurship, specifically social entrepreneurship, has fueled many important social causes and movements.

Entrepreneurship has space for youth! Many youth often feel unwelcome in certain spaces that are adult-dominated, which can lead to imposter syndrome. As changemakers of the next generation, youth entrepreneurship is incredibly important to ensuring future economic prosperity.

Entrepreneurship also has strong effects on boosting the overall economy. Having an influx in individuals interested in being entrepreneurs and small business owners, leads to fiscal benefits, with communities seeing an increase in economic participation.

Entrepreneurship includes a very fundamental element: the entrepreneurial mindset. This is a mindset that many people use in their daily life, and it calls for resourcefulness and creativity, creating innovators who are decisive, effective, and have critical thinking skills.

Entrepreneurship creates transferrable skills that can be used in other fields, not just entrepreneurship. Being a entrepreneur means growing in skills such as public speaking, building confidence, and knowing how to present yourself, which are important for everyone to have.

Entrepreneurship also works alongside many other critical causes related to youth, such as financial literacy, and college and workforce readiness. Rather than be separate, these issues work alongside each other to equip our next generation of leaders to be successful.

Elements of entrepreneurship also appears quite frequently in education. When educators teach students lessons on identifying solutions to problems, as well as how to handle new experiences and unforeseen outcomes, it ties heavily into what entrepreneurship is all about.

Entrepreneurship is everywhere! From the clothes you're wearing, to the food you eat, to the many items that make your life a little easier, every single one of those was imagined and created by someone who saw a problem in society and decided to address it with a solution.