Why Youth in the UAE Need to Know the Importance of Entrepreneurship

Entrepreneurship is the dynamic process of designing, launching as well as running a new business. The person behind this entrepreneurship, referred to as the entrepreneur is a highly motivated and action-oriented individual who is ready to strive and achieve the goals. The entrepreneurs are thought of as a national asset and can change the way in which we live and work.

The youths who have the entrepreneurship streak in them, therefore, need to be motivated and cultivated by the teachers to the greatest extent. Youths in the UAE, therefore, need to be taught the importance of entrepreneurship and the benefits that it has for the country as well as for the youth.

Listed below are a few points that would help in having a better understanding of the importance of entrepreneurship.

Creates Job Opportunities

The entrepreneur firms contribute to creating a large number of job opportunities. When the entrepreneurs create newer opportunities, it can produce a virtuous cycle in the economy of the country.

The stimulation of related sectors or businesses which support the new business further adds to the development of the economy. The smaller enterprises create a huge portion of the total employment each year in countries. The entrepreneurs with proper education would be able to benefit the economy in a great way.

It Adds To the National Income

The entrepreneurial ventures help to generate newer wealth. The existing businesses might just remain confined to the existing market’s scope. However, improved and newer products, offerings and technologies from the entrepreneurs enable the new markets to be developed and create new wealth.

This increased employment and better earnings in turn then contribute to a much better national income which comes in the form of higher government spending and higher tax revenues. This revenue that comes from the general public can then be used by the government so as to invest in the other sectors that are struggling and the human capital.

Helps in Creating Social Changes

Entrepreneurs have the capability to break away from the traditions and in a way support freedom by minimizing the dependence on obsolete technologies and systems. This is achieved through offering new services as well as products. This, in turn, results in the improvement of the quality of life, economic freedom and greater morale.

A good example that can be used here is, consider that the water supply is rather scarce in a region. This forced the people to concentrate on other work completely and just focus on collecting water. This, in turn, would have a negative impact on the productivity, business and the income as well. However, if in such cases an automatic, innovative and a low-cost flow based pump are installed that can fill in the home water tanks of the people automatically, it would be of a great help. This would ensure that the people can carry on with their work without having to worry about carrying water. This means that there is more time to devote to work and contribute to the economic growth.

Globalization of the technology also means that the entrepreneurs present in the less developed countries would also have access to the same tools as that if their counterparts. This would help their economy as well.

Boosts the Standard Of Living

The standard of living would be enhanced when diversified products are available in the market. When such products are available there would automatically an increased amount of consumption of those services and goods by a household. The entrepreneurs are innovative and offer several kinds of products of various nature. This would help in increasing the income of the people who have been employed in the entrepreneurial organization. So in totality, entrepreneurship would help to enhance the standard of living of the people in a country.

Promotes Development and Research

Entrepreneurship is directly related to innovation and therefore these innovative ideas related to the services and the goods need to be tested. The entrepreneurship hence provides funds for the process of development and research. Entrepreneurship is what the mankind is indebted to for having prosperity in each and every area of human life.

It is for all of the above reasons that the young minds or the youth in UAE need to be taught about the importance of entrepreneurship.

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Entrepreneurs are capable of changing the way we work and live and therefore the youths should have known the importance of entrepreneurship.

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