The Role of Entrepreneurship in National Development

Entrepreneurship as a discipline

Entrepreneurship as a discipline has undergone perpetual change, especially with technological advancement and the limitation of resources globally. In a world that seeks to achieve sustainable development, entrepreneurship is key for self-reliance. Creativity is a prerequisite of entrepreneurship that requires critical and autonomous thinking to thrive (Rao, 2014). Once a creation is conceived, its ultimate success depends on its ability to solve societal problems. However, the success is better achieved when entrepreneurship is effectively matched with proper education, ethics, discipline, focus, and respect for humanity (Lorcu and Yıldız Erduran, 2016). The resultant effect is the achievement of self-reliance and societal advancement. This means that job seekers become job creators, which contributes towards the reduction of unemployment levels. Thus, graduates do not have to become employed to be successful, but rather they could utilize their knowledge to create viable businesses for sustainable profits.

A self-reliant nation

A self-reliant nation is a self-sufficient nation, which means that a nation drives and owns its factors of production to uplift the living standards of its people (Nieuwenhuis, 2018). This ensures that the dependency syndrome on the government declines in great dimensions. Entrepreneurship comes in at this point, as the people of a nation are the sole agents of development. Thus, they endeavor to undertake investment opportunities from the identification of potentially profitable ventures. With the right amount of self-determination and governmental support entrepreneurs could positively change the standard and state of human existence (Bauernschuster, Falck, Gold and Heblich, 2012). This means that people will seek self-reliance from their own capabilities for the improvement of life. The acquisition of entrepreneurial skills could aid in self-actualization and ultimately a nation’s self-reliance. Subsequently, sustainable development could be achieved with the need to undertake entrepreneurial activities without interfering with the future generations’ capability to enjoy the natural resources.

Although natural resources are limited

Although natural resources are limited, entrepreneurship fosters national development in a sustainable manner. It seeks to efficiently utilize the available resources to continuously solve societal problems (Zozimo, Jack and Hamilton, 2017). This, in turn, reduces poverty levels and improves the quality of life. Every nation in the world seeks to advance its development levels, as this is the basis by which they are categorized as either being developed, underdeveloped, or developing (Omrane, 2013). Nations that have been categorized as being developed have high levels of independence and self-reliance among its citizens. The success of these people is majorly underpinned to their entrepreneurial capabilities to solve various societal problems. In conjunction, the enhancement of entrepreneurial activities with the required knowledge leads to positive and liberal changes in people’s lives (Ozgen, 2012).

The role of education in entrepreneurship

Consequently, the role of education in entrepreneurship cannot be underestimated for the achievement of a nation’s self-reliance. Nations that tailor their education systems to serve the interests of entrepreneurs enable graduates to successfully manage their own ventures given their entrepreneurial and professional skills (Byerly, 2013). This ties to increased development in a nation, given that the creation of new ventures leads to the growth of small-scale businesses. These organizations are key for the development of a nation; since, they contribute a huge percentage of a country’s gross domestic product. Thus, a nation that is keen on growth and development has to create an entrepreneurial culture in its education system to enhance its economic performance (Hamburg, 2015). The promotion of education in entrepreneurship leads to the commercialization of profitable inventions that gradually contribute towards a country’s self-reliance (Matlay, 2010).

References

Bauernschuster, S., Falck, O., Gold, R. and Heblich, S. 2012. The shadows of the socialist past: Lack of self-reliance hinders entrepreneurship. European Journal of Political Economy, 28(4), pp.485-497.

Byerly, T. 2013. The Special Value of Epistemic Self-Reliance. Ratio, 27(1), pp.53-67.

Hamburg, I. 2015. Learning Approaches for Entrepreneurship Education. Archives of Business Research, 3(1).

Lorcu, F. and Yıldız Erduran, G. 2016. Soul of entrepreneurship, entrepreneurship education?. International Journal of Social Sciences and Education Research, 2(3), pp.1030-1041.

Matlay, H. 2010. Linking entrepreneurship education to graduate entrepreneurship. Education + Training, 52(8/9).

Nieuwenhuis, P. 2018. Alternative business models and entrepreneurship. The International Journal of Entrepreneurship and Innovation, 19(1), pp.33-45.

Omrane, A. 2013. Social Entrepreneurship and Sustainable Development: The Role of Business Models. SSRN Electronic Journal.

Ozgen, D. 2012. The New Approaches in Entrepreneurship Education: Integrated Education Models. SSRN Electronic Journal.

Rao, D. 2014. Self-Reliance: The Best Entrepreneurial Skill. SSRN Electronic Journal.

Zozimo, R., Jack, S. and Hamilton, E. 2017. Entrepreneurial learning from observing role models. Entrepreneurship & Regional Development, 29(9-10), pp.889-911.