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Why are startups so important for economic growth?

A lot of things that have become necessities in today’s world didn’t even exist a few years ago. The world is evolving and the humans are intelligently adapting themselves to these changes.

Just a decade ago, a lot of people among us were not even aware of the term ‘Startup’, which is obliviously a fashionable word used for ‘Entrepreneurship’ but now this phenomenon is spreading like a firewood.

Almost all of the startups are now making use of the latest technological platforms to paves ways to fulfil their business purposes. It is letting the entrepreneurs and business owners at individual level to have their digital presence almost everywhere, allowing them to easily and effectively monitor their business operations.

These startups – that have been classed in different fields and categories – are making real money and the very concept behind them is flourishing because they are actually formed to deal in products or services purposed to desirably fulfilling the local market needs.

A lot of digital platforms that we make use of every day including Facebook, Google, Uber, Food panda and a plenty more, all were initiated as a startup way before their global success. They are now successfully contributing to the economy of the country they are based in and even to those regions where they have their presence.

There are different fruitful ways in which startups are proven extremely beneficial for the economic progress. Just having an entrepreneurial spirit can do a lot for individuals as well as for the others around, we just need to get the process initiated.

Emergence of New Trends

Source: Money Control

Start ups are making us to forget about the ways jobs were taken and this phenomenon itself is setting new trends and standards. It has diversified the horizons of the world of business and trading. It is because of the presence of starts up that we can actually do anything just using our mobile apps.

New trends in the world of business means new opportunities of earning and employment. This is how startups are playing their part in boosting the economies around the world.

Increased Job Opportunities

Source: Achievers

Individuals are often reluctant to apply for corporate jobs as they require a lot of certification before finding them as the right applicant for any particular position. Again, the game of startup is winning here as well. It is opening doors of new opportunities even for the people who have recently graduated.

They not only find the jobs but also do extremely well along with earning for themselves. This also improves their self confidence and desirably prepare them for a full fledged professional life. Now their presence is not putting any extra burden on the economy, instead they are contributing to it.

Honing the skills of individuals

Source: I am an Entrepreneur

Of course, people who work for startups are confronted by a lot of situations on a daily basis. It is because of these confrontations that they learn a lot of things through their professional experience in these small entrepreneurial setups.

It is like they are juggling and switching between numerous roles, making them to get equipped with a whole lot of new skills that were previously undiscovered by them. They work in a creative and experimental environment and from this place they learn the skills of multitasking as well.

By being a part of small team, individuals usually get chance to bring out the creativity in them and propose new ideas that can feasibly work for the organization overall. No doubt, there are a lot of benefits of working in a startup in terms of skill learning.

Greater Scope of Work

Source: TNW

As compared to the employees working in big companies, the scope of work of a person serving as a part of startup is greater and more impactful. It is chiefly because employees that come under the umbrella of small entrepreneurship are usually exposed to each and every task directly. They are required to tackle it on their own, irrespective of the results.

Exposure to different kinds of tasks allow them to get to know about multiple fields that are directly or indirectly related to their own field. Well-equipped individuals serving professionally in a particular organization means a well progressing economy.

Boosts Local Economy

Source: CityView Fort Lauderdale Magazine

Everything that happens in a country has a direct relation to what is happening in it on grass root levels. Startups are of diverse forms, letting young grads to land their dream jobs. When the locals are employed, it makes a lot of difference to the economy while decreasing crimes and spreading prosperity almost everywhere.

All of the factors that have been discussed above related to the benefits of startups drastically improve the economic conditions of the local communities and the positive effects of the fruitful presence of these small entrepreneurial ventures are felt by the economy on the whole.


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