Itzinya – StartUp Entrepreneurs

7 Benefits of Entrepreneurship to Community

February 4, 2022

By Sandra Lynn

Global entrepreneurship injects new money, growth and opportunity into a community, system, and society. Investments into people, skills development, and business startups pay off in exponential rewards.

More than a billion people around the world live in extreme poverty, and the impact of COVID-19 on global poverty is devastating in many areas. It drove an additional 97 million people into extreme poverty in 2020, according to World Bank estimates. In order to really change things that will actually work in the long-term, we need a systematized approach of building businesses that are larger than the individuals. Economic systems cannot be jump started without shared goals and shared work in community.

Here are 7 benefits that entrepreneurship brings to any society:

1 Entrepreneurship is more than just starting up a new business.

Even without a formal business structure there are so many benefits of entrepreneurship for the individual, like critical thinking, creativity, decision-making, and leadership. Entrepreneurial skills can be used in jobs, other roles in society, and even parenting. The personal growth and skillset benefits grow as entrepreneurs distinguish themselves as leaders, team workers, and provide service for others through transitions and job creation.

2 Entrepreneurship requires a new level of thinking.

If the entrepreneur’s only experience is coming from a trade, for example, then they may be starting with a limited understanding of business management and finance and have to gain higher knowledge and education in those areas. These gains in independence

3 Increasing entrepreneurial activities supports job creation.

Entrepreneurship delivers empowerment. Real change comes from empowerment, increases in dignity, and marketplace growth. Recognizing need and seizing opportunity. People become more resilient as they push through tough challenges. It also helps to restore confidence and grow dignity, empowering everyone in the business and their community.

Entrepreneurship alone can’t solve all the poverty problems but it can help to reduce unemployment because job creation is a natural outcome as the business grows. A thriving business supports the owners financially, the staff and workers (and their circles of spending). In addition, it supports vendors, contractors, and other businesses that provide necessary products and services such as shipping, transportation, supplies, food and the like. Building these companies provides essential new jobs, and equips others as they build skills.

4 Entrepreneurship creates new sources of wealth

Creating and growing a business turns resources into value by sharing time, talents and treasures with others. A business becomes sustainable by exchanging markets, skills, and benefits in groups. Job creation can be difficult without access to new markets. People and relationships along with innovation are the real solution to creating sources of wealth. Business owners use their profit to facilitate greater effects in both tangible and intangible creation of financial, knowledge, skills and spiritual wealth.

5 Entrepreneurship works best in community.

Entrepreneurs can increase the odds of success by working with others. No one can do business alone. Starting and running a business requires creating internal jobs to fill roles in manufacturing or delivering services. It also requires other businesses, partnerships and vendor relationships that grow the local market. Each community, country, and region is different but entrepreneurship always involves more of the community assets and resources.

6 Entrepreneurship done intentionally creates more than income.

Raising income and upleveling skills of staff takes dedication and intention for betterment in order to create exponential benefits of a highly productive and profitable medium-sized business. This goal, though, can yield a lot more than revenue. Growing a business stimulates new markets, increases competition, and boosts innovation. It can have a positive impact on community lifestyles while providing new choices and changing consumer demand.

7 Entrepreneurship delivers the hope of seeing opportunity

As a business grows, the owners, staff, vendors, and customers create their own value, point the direction, and are guided by the organization’s goals and visions. With the value exchange along the path of commerce and more jobs created, all sides increase and the collective individuals in the community grow independence, knowledge, and a sense of responsibility. This is where hope thrives and more opportunity grows.

What can I do next?

If you want to invest in global entrepreneurship:

  • Donate time, talents, money, resources: You should invest in the things you know best. If you know business, then how can you apply your talents and resources? If you are a professional with some extra time, you could help support a nascent business with mentoring or inviting to your network. Add value to what Itzinya does by engaging locally, let us know. If you want to support financially that is possible.
  • Get trained in entrepreneurial skills: Register for the Startup Academy in your local community or online. This training for entrepreneurs starts regularly, sign up now!

Author Sandra Lynn is a digital marketing advisor, trainer, and 7x entrepreneur helping international businesses with overarching strategy to quickly gain visibility to reach their best audiences, while creating a systematic approach for messaging consistency, outreach, and content management.