Role of Entrepreneur for a Better Business

To understand the role of entrepreneurs for a better business, we first need to know that entrepreneurs fulfill a particular role in an economy and develop particular skills to pursue in that role. They are the spark plug in the economy’s engine and help drive growth. The economic success of nations worldwide relies on them. However, the society is prosperous only to the degree to which it measures, rewards and encourages entrepreneurial activity because it is this that is a critical determinant of the level of success, growth, and opportunity. 

To help with that Adam Radly Bob Bates have come with an entrepreneurship index known as Radly Bates Index. This index measures the percentage of the active workforce that is self-employed in the US and is updated every month when the monthly job data is released by the US Bureau of Labor Statistics. It also provides a mechanism for monitoring self-employment rates as we transition from regular work into the new gig economy.
Here are the important roles an entrepreneur plays in economic development and to better their business.



Wealth Creation and Sharing

Entrepreneurs establish a business entity by investing their own resources or attracting capital from investors, lenders and the public. This mobilizes the public wealth and helps grow the business. Not only that, when business succeeds, people also benefit and this kind of pooled capital results in wealth creation and distribution which is good for economic development.

Create More Jobs

As a startup founder chances are great that you will need a team of specialized people to handle your business process and this would open avenues for various job seekers in your industry type. This again is one of the basic goals of economic development as well as your business growth. 
Balanced Regional Development
When new businesses or industrial units are set up, it helps in the development of the region they are set up in. The growth of businesses and industries lead to infrastructure improvements like better connectivity, sufficient water supply, shopping malls, schools, hospitals and other public and private services. This all helps in the economic development and only possible when the business grows for which entrepreneurs take all the possible steps and in this economic development takes place.
Create Social Change
Through the unique offerings of goods and services, entrepreneurs break away from the cultural and social norms. This carries over into a traditional business realm where entrepreneurship provides one avenue for introducing more businesswomen. Great business ideas not only come from the businessman but women which ultimately makes good business. 
Exports
Any business that is growing exponentially will want to get started with exports to expand their business to foreign markets. This leads to economic development as it provides access to a bigger market, greater currency inflow and access to the latest cutting-edge technologies and processes being used. This all will lead to more stable business revenue during economic downturns.
As a small business owner, you may think that you are simply working to build your own business and provide yourself and your family, but you are actually doing a whole lot more for your community, region, state, and the country as a whole. 
If you are looking to grow your business, then getting help from RadlyBates Consulting would be great, get in touch today. 

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