BLOG

Social Responsibility of an Entrepreneur

by Sayed N

We often think of entrepreneurs  as national assets to be natured  and encouraged to the greatest possible extent. We all know entrepreneurs create wealth from their entrepreneurial ventures, they create jobs and their innovations improve our standard of living. Do they directly or indirectly bring about a social change as well? Let’s find out!

 Improved Quality of Life

Through their unique offerings of improved and innovative products/services, entrepreneurs break away from tradition and indirectly bring in change by reducing dependence on obsolete systems and technologies. This results in an improved quality of life and economic freedom.

For example, smart phones and their smart apps have revolutionized work and play across the globe. Moreover, the globalization of technology means entrepreneurs in lesser-developed countries like India have access to the same tools as their counter parts in richer countries. They also have the advantage of a lower cost of living, so a young individual entrepreneur from a developing/underdeveloped country can take on the might of a multi-million dollar product of a corporation from a developed country.

Community Development

Established entrepreneurs generally mentor and nurture upcoming entrepreneurial ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development of  society as a whole beyond their own ventures.

Some famous entrepreneurs, like Bill Gates, have used their money to finance good causes across the world, from education to public health.

Conclusion

The qualities that make one to take up entrepreneurship are the same qualities that motivate entrepreneurs to invest in social causes.We have to remember ,there are many things which money can’t buy .