The Financial Economics search for entrepreneurship


 Entrepreneurial concept

Entrepreneurship is defined as the ability to organize, develop, and manage commercial projects, as well as exposure to risks in order to achieve profits, by making use of natural resources, labor, land, and capital, which contributes to obtaining profits. Entrepreneurship is also characterized by innovation and risk taking, which is an essential part of the country's ability to achieve success in the global market. [1] Entrepreneurship is also defined as the process of creating a new project that was invented, designed, and planned by entrepreneurs. This is in order to produce a specific product or provide distinctive services to the community to provide a better lifestyle in it. [2]


Entrepreneurial characteristics

An entrepreneur has a number of characteristics, including the following: [3]


The ability to take risks: This is one of the most important characteristics of entrepreneurship, as the beginning of any business involves a large percentage of the possibility of failure, so the entrepreneur is distinguished by courage and the ability to take risks.

Creativity: Creativity is the basis for generating a new idea, through which it is possible to establish a business and achieve a high percentage of profits, as creativity can be by launching a product that has not been previously sold to another party in the market, or providing a service in an economical and more effective way.

Vision and aspiration: An entrepreneur needs to have a vision for the future of his project and achieving success.

Leadership: The entrepreneur hires people to work in different jobs, such as: production, accounting, etc. So as to achieve the goal quickly and effectively.

Trust: An entrepreneur must be confident in his ideas and skills, as this confidence inspires the people who work for him and the people involved in his business to trust the existing business.

The importance of corporate entrepreneurship

Entrepreneurship contributes to the development of ideas within the company, which leads to improving organizational profitability, enhancing the competitive position, and the strategic resumption of existing business. Entrepreneurship for companies can be considered as a means of organizational renewal. In addition to its focus on creativity and innovation, it is also a risk driver, as it takes over Firms innovate from product, process to technology and management, while risk pushes large firms to enhance their overall market competitiveness by taking greater risks; Such as redefining the company’s business idea, reorganizing within it, and introducing changes to the company's system level. [4]


References

"Entrepreneurship", www.businessdictionary.com,

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