We don’t know either… just kidding! This is our favorite. We love social entrepreneurship. Some might say it’s a “buzz word” but not us. But before we dive into social entrepreneurship, let’s first focus on why learning entrepreneurship is especially critical in this day and age.

Estimated time to complete section: 14 minutes

Why Learn Entrepreneurship?

A Macro Lens (Really Zoomed Out)

Entrepreneurship plays a key role in society. Entrepreneurship creates businesses. Businesses create jobs, stabilize and grow economies, and collaborate toward global innovation.

Job Creation

Through entrepreneurship, businesses and organizations create jobs and employment opportunities for individuals. This in turn empowers individuals to care for their families, pay their bills, and more.

According to the Small Business Administration (SBA), small and new businesses added 1.9 million net new jobs in 2018 alone. There are 30.2 million small businesses in the United States, which employ 47.5% of the state’s private workforce!

Those are some major numbers and percentages!

Economic Success

Entrepreneurship supports the growth of the local economy! When everyone in a community has a job, the community earns more money as a whole, and in turn, can give back to the local economy.

When you support local businesses and mom and pop shops in your community, they benefit, others who work for them benefit, and the community benefits from access to their services.

For every $100 spent at a small business, $68 stays circulating in the local economy, compared to the $48 that remains local when spending $100 at a national chain.

This means more money pours back into the community, raising the overall level of economic activity, paying more salaries, and building the local tax base (Michigan University).

Globalization and Innovation

As local economies grow, businesses often will scale beyond their regions. As this builds momentum, this gives rise to globalization.

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.

It leads to the ever-changing era we live in today, as we become more interconnected as individuals, as nations, and as a world.

This interconnection promotes a global diffusion of knowledge, and the cross-pollination (think bees!) of technology, to distribute it and make it available worldwide.

Countries that receive those technologies gain the opportunity to advance their own research and development! These are the first of many steps to forge into their national economy, and eventually, the global economy.

A Micro Lens (Really Zoomed In)

While entrepreneurship can do a lot for society as a whole, it also makes an impact on us as individuals if we choose to pursue it. Entrepreneurship empowers us to think critically and creatively.

It does this by empowering individuals to cultivate unique skills and “think outside the box”. We want to help you grow and develop your sense of creativity.

Creativity needs to be fostered and cultivated among individuals to lead to the high-performance and community-impacting solutions to real-world problems today. 

Critical thinkers analyze the world through a new lens. They accept the worldview but also look deeper to see what’s occurring behind the scenes. But they don’t stop there! They also constantly question the “status quo” to formulate what the world could be. 

Entrepreneurship thrives on creativity and critical thinking to come up with unique ideas and disrupt the current way of thinking, thereby advancing society. Without critical thinkers, our world would be without the innovation that makes the world what it  is today.

Without innovation, there would be —GASP— no internet, social media or video streaming. How could we survive without these things!? That’s why we need critical thinkers.

Okay, great! Along with the benefits of learning to spell entrepreneurship (seriously, what a hard word to spell) we have also outlined key macro and micro-level components. Now let’s add social into the conversation!