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Entrepreneurial principles mostly focus on the goals and objectives of capitalist societies, that is, developing the economy in order to efficiently provide the people with their needs and demands in terms of basic needs, jobs, and such, through the proper management of available resources. However, aside from the established purpose of entrepreneurship, there are still other meaningful ways by which entrepreneurial principles may be applied in real-life situations.
Although entrepreneurship will always be tied up to the money-making nature of business ventures, there are other significant ways by which entrepreneurship may be propelled in order to greatly benefit society.
In fact, entrepreneurship is one of the many ways by which societal problems may be solved, such as poverty, environmental issues and problems, and such. The basics of entrepreneurial principles establish ways by which individuals will be able to develop and start up their own business.
It has something to with many things all at the same time, such as the planning process, market research and survey, implementation of the established plans, the marketing and promotional strategies and techniques, supervision and monitoring of the processes and operations in order to avoid or prevent potential risks and threats that might jeopardize the business, etc.
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I have thought about this many times and since the implementation of entrepreneurial principles is a long stretch, requiring much time and effort, why don’t people do it for the reason of resulting to beneficial and contributory influences, especially to society.
For instance, one of the many considerations that I should think about when establishing a business is not just its profitability but also how the business will appeal and benefit society in general, most especially in terms of eliminating the downsides or disadvantages of the business such as the destruction of the environment, the unnecessary consumption of too much resources, etc.
but rather focus on solving problems instead.
Entrepreneurial principles may be implemented to help society and solve societal issues or problems in so many ways. For instance, in solving poverty, I might be able to come up with promotional activities that allow a percentage of the profit to go to charitable institutions that help and support the underprivileged or directly to families within the community experiencing financial difficulties.
A customer could walk in a store and be informed that for each merchandise that he purchases, two percent of the sales will be allocated for the purpose of resolving poverty. Wanting to resolve poverty and environmental issues at the same time, I could establish a store that sells everything environment-friendly such as organic foods, paper bags, bicycles that run on electricity or water as fuel, and such.
With these kinds of products, coupled with the promotional activity aforementioned, I would be able to help solve issues that have something to do with poverty and the degradation of the environment; especially since the world is aware of the need to implement environmental-friendly policies since the people has been alarmed of the possible effects of global warming as caused by human activities that endanger the life of man, or the threats that come along with genetically modified food, and such.
Not only are environment-friendly goods and products appealing to the market, they are also helpful and beneficial to society. Another good way of addressing the problem of poverty is by utilizing my knowledge and skills in entrepreneurship to grant free lessons to underprivileged individuals who are incapable of obtaining jobs. Helping them help themselves by providing them the opportunity to start their own business for profit is a good way of alleviating the effects of poverty to their unfortunate situation.
Perhaps if I establish my own business, I could hire individuals who are unemployed and teach them the ins and outs of business for their own advantage if they ever decide and obtain enough capital to start their own business. Getting involved in the resolution of various societal issues takes an individual’s interest and willingness to do so. I perceive that realizing the purpose of implementing entrepreneurial principles meaningfully require that I think about it and act on it.
Taking all the ideas I have mentioned earlier, I think that I will be able to accomplish the purpose of participating in cause-oriented businesses if I plan about it carefully and look for ways by which the capitalistic side of entrepreneurship may be reconciled with the non-profit nature of helping out. I think the success of my cause-oriented entrepreneurial plan necessitate my ability to research or discover more on how I will be able to motivate individuals to learn about establishing business and also how I will be able to attract individuals to purchase from my planned store as a means of benefiting society.
Entrepreneurial Principles. (2020, Jun 02). Retrieved from https://studymoose.com/entrepreneurial-principles-new-essay
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