Economic Impact of Entrepreneurial Thinking in the Workplace.

Entrepreneurial thinking affects a number of aspects in the workplace.

First, it promotes innovation that increases the growth of the economy. Entrepreneurs, often come up with new ideas and innovations to penetrate the market. In doing so, they bring about new innovations and technologies that promote the growth of the economy.

When new entrepreneurs find new ideas and invest in them, creating room for a diverse economy that has every potential to grow.

Second, an entrepreneurial mindset increases competition. The quest for more sales and revenues pushes entrepreneurs to venture into new markets with fresh ideas to capture the consumers.

When new business is established, a new competition arrives. Competition is healthy for the economy as consumers are able to enjoy the low prices and the great variety of products. This in turn promotes more consumption leading to a growth in the economy.

Thirdly, entrepreneurial thinking creates new employment opportunities. When new entrepreneurs enter the market, they generate new jobs by creating new roles to be filled. Therefore, more people are able to be economically empowered through employment. Forth, entrepreneurs encourage structural change in the market as their entry is marked with the latest industrial progresses.

This way, old firms are forced to adjust to the new ways or get locked in their old places. In doing this, these old firms adjust their structures and how they do business in order to stay ahead of their competitors. This also promotes infrastructure, which opens the market and the community to other businesses in other areas.

Lastly, entrepreneurial thinking increases productivity through strong self0drive and motivation, keeping their employees equally motivated.


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