Top 5 Contributions of Entrepreneurship in Society
Entrepreneurs have much to give to society. Their contribution to the welfare of society is of high order. A business person apart from making money for him or herself also helps the society in many ways financially and socially.
Financially, of course the respective country benefits by the business carried out by entrepreneurs. At the same time many of the welfare activities of the businessman improve the living conditions of the people of that particular society.
How does an entrepreneur help the society?
- Donations – A business person donates a lot of money for charity purposes. From his or her earnings, he or she would like to help the downtrodden and try to improve their living conditions.
- Charitable institutions – A businessman or woman sets up various educational, medical and vocational training institutions to provide the less privileged with benefits which they normally cannot afford. The fees may be less or waived in the case of a meritorious student. Hospitals are also run by these charitable institutions.
- Sponsorship – Many business people sponsor a candidate for higher education or fund a child in an orphanage. In fact, many orphanages are backed by these business people. Scholarships are provided to a poor student for him or her to avail of better educational opportunities.
- Welfare programs – A businessman or woman financially contributes to various welfare programs, like helping the blind, orphans, widow etc. In times of crisis, they help by donating items such as blankets, clothes, medicines etc.
- Advisors to respective government – Many successful business people participate in government activities in order to promote the well-being of the citizens. The government often seeks their advice on certain social and economic activities.
Business is essential for the progress of a nation. A successful businessman or woman is an asset to the society. He or she can contribute to the wellbeing of a society in several ways that improve the living conditions of the people.