In all these problems and challenges we face on daily activities, there are opportunities which require us to use wise analysis ways and generate ideas. I love an economic point of view, once they talk of business idea creation, they think of a business or businesses which can be built out of it. With this, they begin speaking in tongues (their jargon) – how the Gross Domestic Product & Gross National Product would be boosted. The employment levels which are more likely to be minimised, the level of disposable income hence increased expenditure among the households, the improved standard of living (reduced poverty levels), the Tax to the government which would increase its capital expenditure. . . . . . and an improvement of the social services provided by the government. Somehow competition is fuelled by these new businesses and this is good to the economy as it is against the actions of monopolies, the economy will be blessed with improved quality on products and services. Of course economists go further looking at the indirect benefits such as happiness among the families, minimised stresses (employment creation). I have no doubt economists can write books on these benefits. However, everything seems to be attractive in the perspective of economists not knowing how they relate this to inflation, exchange rates, politics etc. In my opinion, I think with this, economists can be a source of encouragement to entrepreneurship as they have a broader understanding of the possible benefits and challenges.
On the other side, entrepreneurs focus on the identification of these ideas, testing their viability, preparing a road-map (business plan) before putting everything into practice. Entrepreneurs are the ones who face all the realities of all the bullets presented by risk taking. They understand what failure means and that it is real. A business from an economist point of view is simple “buying and selling for profit making” or “offering service/s at a profit”. With an entrepreneur the definition differs. Aspects such as risk associated are taken into consideration, suitable human capital, business model, strategic plan, capital to be injected and many more.
I see a perfect blend between economists and entrepreneurs. With economists having a broader understanding of different economies and having trends, they can assist in the identification of a general direction in which entrepreneurs should build their businesses along. With a constant updates from economists, entrepreneurs could get basis in which to figure out whether they are in the right direction somehow.
- Entrepreneurs (ernesthschan.wordpress.com)
- Survey finds entrepreneurs increasingly optimistic (virginiabusiness.com)
- Nearly Half of Innovative U.S. Startups Are Founded by ‘User Entrepreneurs,’ According to Kauffman Foundation Study (kauffman.org)
- Can Entrepreneurs Be Made? (blogs.hbr.org)
- Fiona Lewis Launches Super Savvy Business – An Online Business and Marketing Service for Entrepreneurs (prweb.com)
- Why Self-Awareness Is Crucial for Entrepreneurs (businessweek.com)