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Why Are Entrepreneurs Important to the Economy?

Why Are Entrepreneurs Important to the Economy?

By now, entrepreneurship is as ubiquitous as the 9-to-5 job. According to the U.S. Census Bureau, aspiring entrepreneurs filed paperwork to start 4.3 million businesses in 2020, an increase of 24% from the previous year.

As the number of entrepreneurs continues to grow, you may be wondering what exactly entrepreneurship means, and what they contribute to the local and global economy. Keep reading to find answers to your questions.

What is an entrepreneur?

An entrepreneur is anyone with an innovative idea who uses their skills and initiative to create a new business. They often identify an issue or consumer need and determine viable marketplace solutions to solve those problems. While entrepreneurs face the most risks in their business, they also enjoy great rewards. An entrepreneur must have strong determination, initiative, confidence, independence and a touch of tenacity in order for their business to succeed.

Four types of entrepreneurs

All entrepreneurs must have a few things to begin their dream business: a marketable idea, a plan for execution, passion and lots of patience. They typically fall into one or more of these four types:

  • Business entrepreneurs. Have an idea that they want to introduce into the corporate world.
  • Social entrepreneurs. Find solutions to real-world problems or find ways to create social change, with the primary goal of improving society.
  • Serial entrepreneurs. Constantly come up with new ideas and implement them rapidly.
  • Lifestyle entrepreneurs. Create businesses based on a pastime or hobby that they love.

It’s not uncommon for entrepreneurs to embrace more than one of these characteristics. Healthy YOU Vending business owners, for example, may be social entrepreneurs who seek to improve their communities by increasing convenient access to healthier snacks and drinks. Oftentimes, this drive goes hand-in-hand with living the principles of a healthier lifestyle.

What do entrepreneurs do?

Entrepreneurs take on the role of leader in order to create and execute their business ideas. For the success of their business, they may have to do any number of tasks from making cold calls to generating social media buzz. Ultimately, the goal is to gain financial profit as they develop, design, produce and market a successful business.

Some entrepreneurs may create their own business from the framework of a larger business model similar to a franchise. Healthy YOU Vending elevates the business opportunity experience by eliminating the ongoing fees, royalties and obligations that are typically tied to a franchise, while providing a similar level of support. As a Healthy YOU Vending business owner, you own your machines AND your business. In other words, you’re in control of your success—but never alone on your entrepreneurial journey.

Why should you become an entrepreneur?

Many entrepreneurs question if there is a better way to get something done or find common gaps and issues in their communities—then merge their creativity with an marketable concept that can create or improve a niche. Others are more pragmatic in their approach; they may simply want to create their own schedules that don’t fit with the rigid, corporate mold. They seek a unique mixture of freedom and control that only comes with managing your own business. Most entrepreneurs are highly passionate, driven to action or have unconventional ideas that can change their community.

Living the entrepreneur dream

Do you fit one of these four entrepreneurial archetypes? Contact Us to learn more about how Healthy YOU Vending can help you fulfill your entrepreneurial dreams.

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