THE ENTREPRENEURSHIP AND ITS CONTRIBUTION TO THE SOCIETY

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                        Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along, with any of its risks in order to make profit for example starting a new business (Business Dictionary.com).

When entrepreneurs start a business, both they and the society benefit. Community entrepreneurship focuses on problems facing the society and how to solve those using entrepreneurial approaches. The following are the contributions of entrepreneurship to the society:

It contributes to the social wealth of the society by creating new things. This includes new markets, new industries, new technology, new institutional forms, new jobs and net increase in real productivity.

Jobs created through these activities in turn lead to equitable distribution of income which culminates in higher standards of living for the people. This creates opportunities for people to improve their living conditions. If most people live a standard life especially in developing countries like Tanzania, poverty will be reduced (Leviticus J, 2014).

It uses resources to offer social services to people. These services are like health care services where people go for improvement of their health conditions, schools for educational purposes, infrastructures like roads, railways, airports for movements of people from place to place. These services also help to keep law and order within the society (Wakefield J. 2011).

Also the country, that is, the government benefits by the business managed by entrepreneurs. For example, it benefits through taxes they pay, other business support the government with social services provision example private hospitals. A government can also benefit with foreign currency from tourists or foreign people associated with a certain business ran by an entrepreneur.

The society also benefits via donations from businessmen for charity purposes. The help is usually directed to the need and people who can’t support themselves with their basic needs like orphans and widows and poor HIV victims. R E Mengi and Bakhresa in Tanzania are among the top most successful entrepreneurs who donate much of their wealth to the need. Some organizations set donating campaigns so as to help those who need support.

Other businessmen or entrepreneurs help the society by setting charitable institutions for example; vocational training institutions like VETA, educational and medical institutions where people get services at very low fees or no charges at all. These entrepreneurs have low privileged of benefits and focuses only on the well-being of the society.

Entrepreneurship stimulates sponsorship. Many business people sponsor candidates for higher education or fund children in orphanages. Many orphanages are supported by businessmen and scholarships helps poor students to reach their dreams and get better educational opportunities.

Many successful entrepreneurs are advisors to the government especially in economical aspects and finance like budget proposals. They participate in governmental activities so as to promote the well-being of citizens. And often the government seeks their advice on certain social and economic activities (Shunkla A. 2009).

Entrepreneurship preserves the environment. For example; businessmen recycle items for bags and other products in their business so as to keep the environment clean. A real example on sanitation is demonstrated by all industries that pack their products in plastic bottles. These bottles, after use are collected by people, who are paid, back to the industry and recycled into new bottles, ready for use.

Businessmen also have a tendency of funding many cultural festivals so as to assist in conservation and maintenance of home culture: since its beauty and diversity has been threaten by western culture. For example; the nowadays dressing styles, less usage of the mother tongue and the national language, high advancement of technology and globalization, all these threat the disappearance of home culture.

Entrepreneurship develops innovative business models that blend traditional capitalism with solutions that address the long term needs of our planet. To conclude, a successful entrepreneur is an asset to the society.