The financial sector was one of the main blocks to economic development, especially in the developing countries. This is because this sector facilitates money transfer from one person to another and when this process is less efficient then it facilitates to poor economic growth and development.
Well, a lot of interventions have been made mainly by the creative minds of successful entrepreneurs. One of these innovative entrepreneurs is Jed McCaleb who is the co-founder of one of the financial organizations with the primary objective of increasing the efficiency in the financial sector. He did this by creating a network between the entrepreneurs in the low-income areas for example in the rural areas and other financial institutions through creating an online system for money transfer.
He saw that most of the world’s adult population did not have access to the banking services since they did not own bank accounts meaning that it was challenging for them to borrow loans to start their businesses or for the continuation of their business operation.
Today, Stellar has become a savior for most of the entrepreneurs by offering them easy and efficient ways of accessing loans from banks and other financial institutions, making payments, donations and other financial transactions in the economy. This has highly contributed to the increase in per capita income and the gross income of many countries, especially the underdeveloped nations. As a result, their living standards have also increased hence an increase in the economic growth and development.
Jed McCaleb as a successful entrepreneur acts as a role model to other existing and prospective entrepreneurs. He worked hard to be where he is. He had a lot of determination to make his dreams come true. He associated with other experts in the financial sector to learn from them and get ideas on how they became successful.
In one of the interviews held with Jed McCaleb, he says that to be successful as an entrepreneur you have to keep a small circle of friends who can influence you positively. If you associate with failures, you are most likely to fail since they may not influence you positively. But, successful people will always give you a challenge and hence influence you positively towards achieving your goals.