Over the past years, entrepreneurship has played a key role in the economic development of the expanding global market. Entrepreneurship refers to the concept of developing and managing new businesses, and employing creative thinking to enable businesses to add value to their industry. Entrepreneurship also involves, in one way or another, good management and the ability to grow businesses.
Entrepreneurship is a modern terminology that has recently dominated headlines among youth, particularly since entrepreneurs are now being empowered to implement and their creative ideas, in addition to the many tangible benefits that entrepreneurship offers, both on the individual and collective level.
Importance of Entrepreneurship
- Creating a fair competitive environment among existing organizations, thus creating high quality products.
- Providing more services and products to individuals.
- Creating and developing new markets.
- To feel independent and achieve freedom rather than being dependent on others to complete tasks and functions.
- Motivating and providing full support to achieve unprecedented achievements.
- Reducing the migration of people with expertise and talents by providing jobs that match their abilities and educational levels.
- Providing the country’s economy with the financial resources and advancing its position at the international level in various fields and sectors.
- Opening the door to creative and imaginative people, who are able to manage large-scale businesses to implement their ideas and establish their own businesses, enabling them to secure higher financial revenues than they would have if they had worked in traditional businesses.
- Creating jobs across all fields, helping improve the financial conditions of many individuals and families.
- Promoting key sectors such as economy, education, health, etc., thus contributing to a comprehensive renaissance in the country.
Characteristics of Entrepreneurship
Characteristics that set apart entrepreneurship include:
- Having a specific goal to establish a business.
- Delivering a set of innovative business ideas to support the implementation of the project.
- Developing specific steps to implement the project.
- Planning to achieve business objectives.
- Evaluating risks that may arise during the implementation or operation of a project.
- An entrepreneurial business is usually based on positive ideas that contribute to the development of society.
Benefits of Entrepreneurship
Entrepreneurship has several benefits, and plays an important role in economic and institutional sectors, contributing significantly to their continuous growth. Following are the roles of entrepreneurship:
- Creating innovative businesses that contributes to market development in line with globalization trends and modern technology.
- Introducing new technologies such as the first time use of modern machines or new equipment to the local market.
- Entrepreneurship depends on creativity and modern ideas to create new products that people have never used or dealt with before, and may be directed to a specific segment or all individuals within a society.
- Finding job vacancies: When entrepreneurial ideas are implemented, companies and institutions will have a real and legal presence, helping many people find jobs that match their qualifications and working experience.
Characteristics of Entrepreneurs
Entrepreneurs have many characteristics that enable them to manage and ensure the success of their business. Following are the most important characteristics:
- Being ambitious to launch a business, as well as having a vision, that helps entrepreneurs pursue the right track.
- On the other hand, entrepreneurs usually enjoy high self-confidence, persuasive communication skills, and decision making abilities under challenging circumstances, and a positive attitude that helps them overcome the most difficult and critical situations.
There are a number of challenges that entrepreneurs can face throughout their career, most notably:
- Coming up with creative ideas: Entrepreneurs are constantly living in a state of tension to come up with an innovative idea that has never been used in the market. Thus, when choosing entrepreneurship as your future career, the only way to succeed and sustain a business is to constantly develop new and innovative ideas. However, as a result of the vast expansion of the global market, the proposed ideas are often monotonous and repetitive, making it difficult for critics to agree. This is the most common challenge, which may face many entrepreneurs.
- One of the most difficult problems facing entrepreneurs is to start a new business in the market. This challenge often leads to long working hours during the early stages of a business, in order to reach the required level of competition. When businesses face intense competition at early stage, it is never easy to beat the competition in a short time.
- Key responsibilities: People choosing entrepreneurship as their future career should realize that they will assume many responsibilities as fully independent entrepreneurs who have full powers to manage their businesses and their teams. Accordingly, they should have the ability to deal with all possible conditions, whether good or bad, which represent great challenges for many entrepreneurs.
- Risks of success or failure: Risks related to adopting and implementing new ideas in innovative ways are challenges that can sometimes lead to failure. Accordingly, keep in mind that the success or failure of a business depends on the entrepreneur himself, and therefore the greatest challenge for you is the ability to make the right and appropriate decision.