Nowadays, having just the financial resources or capability is not enough to keep a

business thriving in the market; knowledge and understanding of entrepreneurship are also
required.  According to Forbes Billionaire List, 493 people worldwide are becoming billionaires
every 17 hours, and 68 percent of them are self-made or entrepreneurs. This growing number of
entrepreneurs transforms and creates entirely new markets that influence economic growth,
wealth generation, and social and community developments. Do you want to know the secrets of
successful businesses and become the next billionaire? First, we need to learn and gain a
comprehensive understanding about the significance of studying entrepreneurship. 

Entrepreneurship fosters the development of an individual's creativity and innovative

thinking. According to Akanbi (2020), entrepreneurship is the vehicle that brings innovation and
creativity to the market while creating demand. Understanding the fundamental concepts of
entrepreneurship improves our ability to transform creative ideas into something that gives value
to customers. It also enhances the skills of innovating existing products or processes, which can
be useful in terms of gaining competitive advantage from competitors. Moreover, the value of
creativity and innovation backed up by the knowledge in entrepreneurship opens the door for
new opportunities.

Entrepreneurship teaches problem solving and leadership through collaboration. Based on

the study conducted by Kim et al. (2018), entrepreneurship improves problem solving ability that
emerge from innovative behavior through the opportunity of university entrepreneurship
programs. It positively influences the social effect that expands an individual's capabilities.
Furthermore, problem-solving abilities are proven to be one of the key factors for success in
organization and personnel careers. In addition, entrepreneurial courses effectively develop the
individual’s communication skills that are necessary to any career path. It prepares and trains
individuals to get ready for leadership roles and positions.

Lastly, entrepreneurship exposes individuals to success stories and gives them a head-
start in a career which improves practical life skills. Today’s economic and social shifts in
society demonstrate the importance of fostering entrepreneurial skills. Boldureanu et al. (2020)
argues that individuals who study entrepreneurial behavior of successful role models can give
them inspiration and motivation to become entrepreneurs themselves. In this way, they can
discover various business ideas and various methods for dealing with different obstacles that
could appear in their future careers. In addition, successful entrepreneurs are a key factor that
influences the decision making of an individual to start up a business.

The main importance of studying entrepreneurship is to cultivate unique skills and ability
to recognize opportunities. Having an entrepreneurial background is really essential for anyone
who plans to start a new business. Chances to survive the competition in the market would be
low without further understanding the concepts behind entrepreneurship. Furthermore,
understanding entrepreneurship enhances our strengths and drives us to be an action-oriented
individual. Now, being a billionaire is not as easy as we think, it requires us to undergo a series
of processes, lots of hard work and perseverance.