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“Entrepreneur is someone who has a vision for something and a want to create.” – David Karp, founder and CEO Tumblr

The word entrepreneurship has become very popular in the last twenty years, mainly due to the tech industry. As computers became more affordable and prevalent in businesses (and homes), software companies sprang to life. Then automation became part of our everyday lives, from making purchases to processing invoices. Entrepreneurs lead the way in creating these new companies (e.g. Apple and Amazon). Each one saw a need and came up with a solution for it. This is not the only reason why we revere them. We applaud them for creating a strong economy through their innovation and hard work, especially when times were tough.

According to Investopedia, Revlon was founded in 1932 during the Great Depression. This company not only took a huge risk in creating a luxury product but did so in a time of turmoil. Microsoft was created during the 1973-1975 recession when Bill Gates dropped out of Harvard to create the revolutionary MS-DOS. These companies were built on the spirit of “can-do,” which is at the core of entrepreneurship. Today, we enjoy the benefits of the economic growth these companies created. When an entrepreneur creates a company, it will:

  1. Create new businesses that support not only the entrepreneur’s company but the local economy. These businesses are in many industries, such as real estate, retail, food, gas, oil, etc. These, in turn, create more job opportunities.
  2. Create social change. The numerous social media properties are prime examples (e.g. Twitter and LinkedIn). They have changed how we communicate as well as sell and purchase items. It also has changed the way we apply for jobs.
  3. Add revenue to the national economy. This can be seen as good and bad since the added revenue is connected to the taxes we pay. For example, if there is a new housing development being built, there will be high taxes to be paid by the home buyers. However, the added revenue can be used to fund government programs.
  4. Encourage others to become entrepreneurs, which will create healthy competition. This will provide more choices to consumers, which will raise their living standards.

Entrepreneurship strengthens the economy of a town as well as the country it is in. Entrepreneurs are a key ingredient in creating an industry, which fosters economic growth and prosperity.