Why is entrepreneurship important?

Answer

Entrepreneurship is important because it helps bring new products and ideas to the market. Some of the most important inventions only came to market because entrepreneurs took significant risks.

Primary research is important for creating new products and offering new services, but primary research alone isn't enough to create items people use. A common example is early computers. While computer theory has a long history, it took entrepreneurs offering products users enjoy to spark practical computing. Many of these computers flopped, but many led to technological breakthroughs that still guide modern computer use.

However, it is important to realize that entrepreneurship differs from large companies offering new products. While early Apple computers were influential, it was IBM PCs using Intel processors that would eventually come to dominate the industry. By the end of 2007, Apple had switched entirely to Intel processors.

Entrepreneurship is often credited with sparking modern capitalism. Because the rewards of launching a successful product are so great, people are more likely to risk the money needed to bring products to the market. While few of these products succeed, those that do can have profound effects on society as a whole. Without this innovation, science, research and culture would not be as advanced as they are.

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