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Economic Development Driven by Entrepreneurs

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With the election and the current state of our country’s economy, growth and development is at the forefront of many people’s minds. Often, conversations regarding the future of work are fueled by the anxiety many of us share. How will machines make our lives easier? Or will they make the human workforce obsolete? Entrepreneurship and innovation fuel economic growth. The simple answer is that entrepreneurs create businesses and new businesses create jobs, strengthen market competition and increase productivity. Entrepreneurism is part of our American identity and self-image, and is non-partisan. Both sides of the political spectrum celebrate small business as a source of innovation and growth. Entrepreneurism is a route to upward mobility and a way for average people to build wealth. Learn 5 ways entrepreneurs are driving economic growth.

1. Investing in products and services people need.

Entrepreneurs create new businesses in response to unmet needs and demands in the market. When there are opportunities to provide a product or service that is not currently in existence or otherwise available, entrepreneurs jump at it. These entrepreneurs are key players when it comes to promoting economic growth. They give access to goods and services that people require in order to be productive and contribute to economic growth.

2. Providing employment opportunities.

New businesses need to hire employees. They create jobs and these economic opportunities uplift and support communities through increasing the quality of life and overall standard of living.

3. Commerce and regional economic integration.

Technology has made it possible for small, entrepreneur-led businesses to expand into regional and global markets. When new businesses export goods and services to nearby regions, these enterprises contribute directly to a region’s productivity and earnings. This increase in revenue strengthens an economy and promotes the overall welfare of a population.

4. New technologies promote efficiency.

The ability to turn ideas into new products and services that people need is the source of prosperity for any developed country. Economic growth is driven by new technologies and their creative applications. Periods of rapid innovation historically have been accompanied by periods of strong economic growth. Creating innovative products and solutions requires an educated population and an environment where collaborative work can take place. In addition to being good for business, education increases workforce creativity and quality of life.

5. Innovation happens where there is competition.

There is a positive feedback loop among innovation, entrepreneurship, and economic development. New and growing businesses represent the principal sources of job creation and innovative activity in an economy, two factors that generally result in the rising standards of living for all.

Under the right conditions, entrepreneurs have an incredible power: they help regional areas prosper economically, and they also serve society as they help discover innovative solutions to problems and challenges.

Want to change your piece of the world through entrepreneurship? Here’s the opportunity of a lifetime! Join EXIT Realty Massachusetts as a franchise owner and launch a new career that can have a positive impact on your local economy. Bring your knowledge and willingness to learn and we’ll supply every resource, training, and tool needed to launch your new career. Spend just 30 minutes to learn how to get started today!

 

 

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