The goods and services offered by entrepreneurs can produce a cascading effect by stimulating related industries or sectors supporting the new venture to further economic development.

Entrepreneurs create new businesses

Entrepreneurial ventures generate new wealth. Existing businesses may remain confined to the scope of existing markets and may hit a glass ceiling in terms of income. New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created.

Entrepreneurs contribute greatly to national development

Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. This results in an improved quality of life, improved morale, and greater economic freedom

Entrepreneurs create social change

EXAMPLE: The first call center operations in the Philippines encouraged other BPOs to also set up in the country due to its relatively cheap rates. Thus, in 2015, the Philippines replaced Mumbai as the 2nd ranking BPO destination.

Entrepreneurs create new businesses

EXAMPLE: Increased employment and higher earnings in the Philippines shall contribute to better national income through higher tax revenue and government spending. The government can use this revenue to invest in other struggling sectors and human capital.

Entrepreneurs contribute greatly to national development

EXAMPLE: The water supply in a water-scarce region will sometimes force people to stop working to collect water. This will impact their business, productivity, and income. Imagine an innovative, automatic, low-cost, flow-based pump that can automatically fill people's water containers. This innovation ensures people can focus on their jobs without worrying about basic necessities like water. More time to devote to work translates to economic growth

Entrepreneurs create social change

Many entrepreneurs start their businesses with a vision.

Entrepreneurs on starting a business from scratch

Most family businesses aim to maximize the well-being of current and future generations from a transgenerational perspective. Thus, they focus on the potential for growth and investment projects. This orientation results from the willingness of family members to pass down to their heirs a healthy and competitive firm. The strong economic and emotional involvement of family members in the enterprise implies that the firm is an asset to be safeguarded and, at the same time, to be developed (Del Giudice, 2017)

Entrepreneurs on starting a family business

The investment risk will be spread among others, which can protect the entrepreneur if the business does not work out as planned. Other entrepreneurs choose to enter a partnership to diversify their expertise. By engaging with partners of different expertise, the entrepreneur can broaden the scope of their business. This may lead to an expanded customer base, increasing earning potential. Partners can also be an additional source of creativity during brainstorming and problem-solving.

Entrepreneurs on entering a partnership

There is already an established customer base, reputation, and employees familiar with all aspects of the business. The entrepreneur does not have to set up new procedures, systems, and policies since a successful business formula has already been implemented. In addition, it is often easier to get financing to buy an existing business than to start a new one. Bankers and investors generally feel more comfortable dealing with a company with a proven track record. Also, buying an existing business may give the entrepreneur valuable legal rights such as patents or copyrights, which can prove very profitable. As for franchising, entrepreneurs enjoy a support system from the franchisor.

Entrepreneurs on buying an existing business

Who coined the phrase "triple bottom line" and when?

John Elkington, 1994

refers to the real economic value created by the business and enjoyed by the host society.

Profit

refer to a business's impact on employees and people outside of the business (community).

People

refers to environmental stewardship. Entrepreneurs enhance the natural order and minimize their ecological impact in a wide variety of ways that are not only cost-effective but easy to implement and adopt.

Planet

It is the income and expenditures, taxes, business climate factors, employment, and business diversity factors, as well as the economic impact the business has on society

Profit

All stakeholders are interdependent via fair wages, fair-trade practices, safe work environments, retention rates, ethical standards, local hiring, local sourcing, local participation, local charitable contributions, and contributions to community living standards

People

It can be done through small efforts such as managing energy consumption, employing eco-friendly materials, managing water consumption, and minimizing waste in landfills. Entrepreneurs also contribute substantial measures such as reducing waste from packaging and determining the actual environmental cost of manufacturing, from harvesting raw materials to the disposal by the end user.

Planet