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Importance of Entrepreneurs

Importance of Entrepreneurs

Entrepreneurs serve a vital purpose to the Australian, and the global, economy. On an individual level, they serve to motivate us to create our own entity and work for ourselves, but their impact is felt all the way up the food chain, from small office space in Brisbane, to the global financial market.

Small business, put plainly, keeps those who dominate the market from becoming complacent. In the absence of any real competition, history has shown us several examples of firms who have lost their drive to innovate and change their product to keep up with the times and the wants of their consumer base. Their products become dull, and as consumers have no basis for comparison, there are no calls for change. The American automotive industry is a classic example, before it’s revival in the late 2000s.

Entrepreneurs provide a ground current of change and revival. As they tend to be more localised, they have a more direct line to the needs of consumers than a globalised entity. They are less set in their ways, and owing to the difficultly in breaking in to markets already dominated by larger businesses, they have to come out with something new and eye-catching. This is one reason why, in many areas, barriers to entry have been introduced, at the behest of larger firms, to block this constant competition.

However, despite the difficulty, it is a vital element to keeping an economy healthy. If you’re ready to brave the trials of small business, office space is waiting for you in Brisbane, from your friends at Corporate House!