Being an entrepreneur social, human being ultimately the aim is the development of a happy and prosperous society. He is also a part of this society. He gets inspiration from society and develops in society.
So, he has to play a contractor role in the economic development of society.
Role of Entrepreneurs in Bringing Social Stability
Two types of people live in society. The first category is of such persons who carry out positive and constructive activities and the second category is of destructive persons.
The first category people do something distinctly visible. They aspire not only for their own happiness but also wish to see happy others and prosperous.
The second type of person carries out destructive activities in society.
They create a disturbance, instigate people against each other and become Furious on one pretext or the other, causing bad effects for society.
The entrepreneur always desires the maintenance of social stability with good results.
For that, an entrepreneur fulfills the following roles:
1. Establishing Self Sufficient Society
The self-sufficient society may be established by the productivity revolution in areas of production in the country.
For that, the entrepreneur increases the production in the business enterprises, fulfill the requirements of the local community, encourage Savings and capital formation, contribute towards export promotion and import substitution, etc.
So, the dream of the establishment of a self-sufficient society gets materialized.
Related: 15 Roles of Entrepreneur as Innovator (Explained).
2. Establishing Ethical Values of Society
The entrepreneur establishes the ethical values for the society to ensure social stability.
For that, he stresses maintaining moral values, ideals, and Standards in the conduct of persons associated with various business activities.
The entrepreneur is a part of the whole value system of society.
3. Contribution to Social Development
Entrepreneurs are developing in the Society and Society is developed by entrepreneurs.
So, he not only works for the development of the local society but a society of the whole world.
He makes the best possible utilization of physical and human resources, with the utmost economy, providing employment to local people and also fulfilling his social responsibilities towards various groups of society.
4. Changes in Social Framework
The entrepreneurs bring out changes in the social framework through innovative activities.
They lead society towards progress by the introduction of new products, new markets, new techniques, new sources, and the establishment of new industries.
Related: 13 Social Responsibility of Entrepreneurs towards Employees.
5. End of Evils
The empty mind is the devil’s workshop. A starving person can do any bad work, like, theft, dacoity, loot, murder, abduction, etc.
By the establishment of new industries and expansion of the existing industries and making the production of new products, the entrepreneurs may provide employment to such persons and may divert their attention towards creativity.
It will raise the standard of living of such people, which will be helpful in removing several social evils.
Employment is a path to the creation of moral values in society.
More: Top 21 Qualities and Characteristics of Creative Person.
6. Less Economic Problems
Society still prevails many social evils existing in the big cities, Like – class conflicts, polluted environment, slum areas, and social crimes, etc.
These may be reduced by the establishment of various business undertakings by the entrepreneurs.
Besides, social evils like dowry and intoxication in the villages may also be curbed by the establishment of enterprises and development of entrepreneurship tendencies in the villages and the attention of people can be diverted towards savings and capital formation, etc.
7. Increase in Employment Opportunities
The entrepreneurs increase the opportunities for employment.
They help in increasing employment opportunities through the establishment of new enterprises and expanding the existing establishments.
8. Removal of Poverty
The entrepreneurs provide maximum opportunities for employment to unemployed persons, both directly and indirectly through the development of new products and expansion of new enterprises and the markets.
As an effect of all these poverty gets reduced in the country.
The entrepreneurs enlarge the path of economic progress, through which the country gets rid of the vicious circle of poverty.
9. High Standards of Living
The Entrepreneurs have given of materialism in society through new techniques, new products, and inventions.
As a result, the living standards of the people can be upgraded in society. It has contributed to a better quality of life.
10. Social Changes
Creative changes are being accepted in society always.
The entrepreneur is a creative agent of social change.
The traditional superstitions and misbeliefs come to end and social stability is established.
Thus, now you know the role of entrepreneurs in bringing about social stability.
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