Okendra Nath Yogi
Introduction
Starting any new industry, business, or trade is entrepreneurship. However, entrepreneurship is not just about doing business. For example, while running a dealership or selling goods in wholesale and retail is a business, it does not necessarily qualify as entrepreneurship. To be considered entrepreneurship, a business must produce or create something new that is distinct and different in terms of its qualities and characteristics. In other words, creating or producing new goods and services is entrepreneurship. Selling products at a significantly lower price in the market is also a form of entrepreneurship. Conducting studies, research, and development related to products and services is entrepreneurship. Entrepreneurship involves the design, initiation, and operation of new businesses. Therefore, entrepreneurship is a combination of commitment, dedication, hard work, and continuous effort.
A person who invents new ideas and creates new ventures and industries or any innovations is called an entrepreneur. An entrepreneur makes better use of limited resources, tools, and technologies. When starting something new, an entrepreneur might take greater risks. Entrepreneurs must have the ability to recognize opportunities; when an opportunity is recognized, entrepreneurship begins. This contributes to the advancement of society. Here, opportunity refers to identifying a problem. What is the need of society? What problem has not been solved by others? How can this problem be addressed? What products or services have not been developed or produced by others before?
Moreover, entrepreneurship is the development of skills and competencies to solve problems. Examples include ride-sharing apps like Pathao, and InDrive and online marketplaces like Alibaba, Daraz, etc. Entrepreneurs are generally those who take risks and are motivated by a desire to achieve their goals and make a difference in the world. Being an entrepreneur is a courageous endeavor, and it can also measure the ability to take risks.
Entrepreneurs should not often ask, “What should I do?” Instead, they should be able to clearly distinguish between opportunities and problem-solving. In the problem-solving process, any individual should attempt to solve a problem in a field they are most passionate about, that is, an area they have a strong interest in.
Entrepreneurship adds additional value to products and services that have unique qualities and characteristics. Along with this, an entrepreneur must also identify their target customers. Entrepreneurship is not just about creating new products or services; it also includes market research, market surveillance, market studies, and development. An entrepreneur must continuously improve their products and services based on customer feedback.
Thus, entrepreneurship is not merely about making money; it encompasses much more. The processes involved in entrepreneurship include idea generation, business model development, resourcing, promotion, and actualization.
Importance of Entrepreneurship
Entrepreneurship is the backbone and foundation of the economic development of any country. The development of entrepreneurship energizes the economic activities of a country. Entrepreneurship encourages individuals to become entrepreneurs rather than merely employees. It creates jobs, reduces trade deficits by exporting goods and services, and promotes the appropriate use of available resources and raw materials. On the other hand, it helps establish individuals’ property rights and economic freedom and thus enhances individuals’ ability to earn and learn.
Through entrepreneurship, adequate production of goods and services can meet internal demand. With an increase in internal demand, there is no need to import goods to satisfy that demand. This increases foreign exchange reserves within the country. It also protects the economy from becoming a mere consumer state. Furthermore, entrepreneurship positively impacts indicators of economic development, such as gross domestic product, per capita income, etc. The development of industries and businesses contributes to public interests in sectors like education, health, and entertainment by linking these areas. The establishment of industries in selected and recommended cities allows consumers to obtain goods and services in a shorter time. Ultimately, this promotes the development of underdeveloped regions and contributes to balanced regional development.
Furthermore, entrepreneurship plays an essential role in capital formation for a nation. It directs capital flow into more productive sectors of production. Entrepreneurship is a crucial aspect of a free-market economy. It advocates for economic rights and freedoms. The freedom of economic rights enables any individual to select and utilize available resources and tools efficiently. Individuals are inherently endowed with the right to manage resources, collect, operate, manage, and control capital and technology. Without government intervention, entrepreneurship thrives in the marketplace. This allows individuals to pursue new ideas, innovations, and advancements in an unrestrained manner, ultimately promoting entrepreneurship itself.
Entrepreneurship distributes and expands economic power. It diversifies products and services. It reduces dependence on certain industries, leading the economy toward diversity. Entrepreneurship assists in making the economy globally competitive. It builds opportunities for additional trade and leadership roles. Entrepreneurship embraces technological change and supports advancements in technical trends. It can also influence public policies and regulations created by the government, making governmental efforts more entrepreneurial.
Conclusion
Entrepreneurship inspires individuals to become self-employed rather than relying solely on government and other jobs. It encourages the establishment of personal ownership. It alleviates social tensions and unrest among the youth. Entrepreneurship helps reduce the problem of unemployment in the country and thus plays a vital role in economic growth. Economic growth reduces poverty, helps improve people’s standard of living, and facilitates community development.
Currently, over 42% of the population in Nepal comprises youth. The country can benefit from this demographic status. In such circumstances, the government should harness the enthusiasm and energy of the youth. The federal government needs to incorporate practical and life-skills-related courses into the school curriculum and revise them to promote entrepreneurship and foster entrepreneurial attitudes, thereby creating new ideas.
Finally, authorities at the local level should focus on developing practical and life skill-related school curricula and should discourage foreign migration. Moreover, we should focus on developing entrepreneurship, as it frees the country from economic dependency and restrains it from failing.