In the long-standing debate around poverty and economic development, the word “business” is rarely mentioned. In a way, this is not surprising since trade and the commercial class have always been treated bluntly since some epoch. Trade had to be tolerated as a necessary evil rather than encouraged.
But what is the reality? Even assuming that we are in favour of redistribution, how much is redistributed? After all, you cannot redistribute poverty. We can only redistribute wealth, and to redistribute it, we must first create it. Now the only element of society capable of creating wealth is trade. We could debate over who, private or public enterprises, is most effective in creating wealth. I tend to opt for private companies because I believe they have better incentive systems to ensure optimal allocation of resources. Finally, trade is sustainable and does not depend on subsidies or aid, and market discipline guarantees rapid correction of errors.
Importance of business, trade and commerce
First, trade has brought billions of people out of extreme poverty in 30 years. It promotes business growth, lowers prices and offers consumers a world of choice.
However, not everyone comes out with a winner. It’s time to make trade profitable for 99% through policies and practices that protect people and the planet.
Why business is important for entrepreneurs?
After examining some of the current business statutes, there are three types of entrepreneurs: the one who sells tea on a roadside stall, the owner of a Small and Medium-sized Enterprises abbreviated SME and the entrepreneur who, like Steve Jobs or also Bill Gates, creates a gigantic company with enormous shareholder value and which employs thousands of people. Any well-functioning society tries to remove the first type, mainly because it is about survival disguised as entrepreneurship and this is often mistakenly considered as such.
Culture stimulation entrepreneurial is the basis for generating entrepreneurs and businesses within precise localities. This work will allow us to establish, in the locality or the region, the social legitimacy of the entrepreneurial profession and develop people’s credibility people and individuals by manifesting values. A more entrepreneurial environment makes it possible to generate entrepreneurs. These are people having faith in the future, who like to take risks, creative people and innovators who see in the issues drawing the portrait of localities challenges to take up, opportunities to seize!
The importance of starting a business regarding the local economies
To return to the stage of starting a business, encouraged and supported all over the world. We can expose for example on the idea of perpetuating existing businesses, creating new businesses.
Local entrepreneurship versus welcoming and supporting foreign companies
Now let’s tackle without delay this great paradox of entrepreneurship endogenous (i.e. from local initiatives) versus exogenous entrepreneurship (for instance, coming from large foreign companies in precise localities).
Given this observation, a locality, a region has every interest in betting on the future and act like any strategist, which is to think in the medium and long term.
The best is undoubted to be welcoming to these great providers of wealth and jobs, but to constitute, at the same time, an alternative plan, a solution to spare, as any good entrepreneur would do.
Entrepreneurship is about taking charge of your future; therefore, a region that chooses entrepreneurship chooses to take charge and to shape his destiny through his entrepreneurial achievements … which will belong to him still in the medium and long term.
To jump from idea and scheme to business reality, the author of its business must authorize sufficient business licenses in legal form according its country regulation.
In particular, Malaysian organization for business regulation, baptized SSM or Malaysian Business Commission requires a deposit for office space or a store, an initial bank account deposit, tax regulations, and compliance and maintenance procedures from each author of business wanting to establish in Malaysia.
Entrepreneurship and economy development
Entrepreneurship is the driving force for growth, sustainable development and innovation; this observation is now a fact observed by several authors, researchers and luminaries in entrepreneurship (all the references listed in bibliography admit this fact). Small and medium-sized businesses are the source of wealth, employment, innovation, and the first partners for development from each region.
Many successful practices have been implemented in several localities and regions such as in American, Asian and other country, and the Entrepreneurship Foundation has given itself the challenge of listing them, making them know and export them.
To conclude, let’s wear our entrepreneurial eyes and try to spot the opportunities, multiple and diversified, which hides the current economic crisis. One of the periods of the most prolific story in terms of business start-ups has been the crisis from 1929.