How Does Entrepreneurship Benefit Society?

June 18, 2020 Written by Oralie Chapman

All around the world, and maybe especially in the U.S., entrepreneurship is valued and admired. Everyone loves a rags to riches story about an entrepreneur who came up with a great idea and turned it into an empire. At its core, an entrepreneur starts with an idea, raises capital and then launches their startup, adding employees as the business grows.


How does entrepreneurship benefit society?


Entrepreneurship benefits society because:


It creates jobs

Let’s be honest, some people are natural born entrepreneurs, while most would rather work for someone else. Entrepreneurs are important because they create jobs for themselves and others, which reduces unemployment and provides a living to families.


It provides solutions and makes progress

When an entrepreneur comes up with an innovative idea, product or service, they share it with the world. Everyone benefits from the progress and new markets are developed.


It supports social change

Because of their innovation, entrepreneurs support social change by allowing a society to break away from outdated systems and technologies.


It supports charities

Many successful entrepreneurs donate to local charities and community projects or start foundations that contribute to social causes such as food banks.


It increases competition

When other entrepreneurs see the success of a new product, they are more likely to want to come up with their own version to get in on the action. Inevitably, the best version of a product will emerge at a price the market wants to pay and that benefits consumers.


It grows the national income

When entrepreneurs create a new market, they are literally growing the national income because of the taxes they pay.


When entrepreneurship is used to bring a great product or service to market and some of the profits are then put back into the community, it’s hard to argue that entrepreneurship isn’t a force for good.


If you are thinking about becoming an entrepreneur, there are many things to consider; from whether you have a viable business idea and the ability to raise capital to whether you have the drive and the fearlessness to start a new venture. In addition, entrepreneurs should make sure that they will have access to the needed skilled labor and any required raw materials at affordable prices.


Partnering with Makai HR

Want to be an entrepreneur but don’t want to deal with an expensive in-house HR team? That’s okay; we’ve got you covered through HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are in compliance with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.


With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.


What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!