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Concept of Entrepreneurship

 Concept of Entrepreneurship

Entrepreneurship, in general terms, is the process of creating a new organization or organizations or developing existing ones; That is, establishing a new business or responding to new investment opportunities by being prepared to manage, organize and develop projects in conjunction with being affected by risks; With the aim of gaining access to profits based on the initiative to create a new business; By making use of the available resources besides labor and capital.

Entrepreneurship in the political economy is defined as the process of identifying and starting a business, providing resources, organizing the necessary resources, and taking all of the risks and returns associated with this project into account when moving towards entrepreneurship projects.

Entrepreneurship was influenced in its early days by a group of human sciences. Such as economics, marketing, sociology, psychology, strategic management, and history science; What contributed to the emergence of various theories and explanations of the idea of entrepreneurship.

There is a set of qualities that entrepreneurs must have in order for them to be able to succeed in entrepreneurial work, whether this matter is at the individual level or at the level of entrepreneurship in organizations, and among the most important characteristics of a successful entrepreneur are the following:

  • The ability to face problems: Entrepreneurs treat problems as opportunities to make appropriate changes and reach the required competence, and this increases their ability to find more creative solutions to all the problems they face.
  • Calculated risk: The new way of thinking through which an entrepreneur tries to deal with problems must contain some degree of risk, but real entrepreneurs are those who take entrepreneurial steps through a reasonable risk ratio that does not threaten the existence of existing or new organizations or projects.
  • Owning motivation: One of the most important qualities of an entrepreneur is that he has a strong drive to succeed and obtain the best results later through hard work, and seize the opportunities that may be available to him while doing his work, and an entrepreneur is a real person who does not look at historical achievements and old glories, but always looks forward to the future.
  • Self-confidence: In order for entrepreneurs to be able to bring about a qualitative change in business organizations or entrepreneurial projects, their self-confidence must be high, as this reduces their fear of failure and increases their chances of success.

The concept of entrepreneurship includes the creation of many new entrepreneurial businesses or unique projects that carry unprecedented ideas, and the success or failure of these businesses is based on a set of factors related to the entrepreneur and the nature of the activity or the entrepreneurial project itself, and among the most prominent factors for the success of the new entrepreneurial business are the following: –

  1. The presence of good experience of the leaders in the project or idea to be established.
  2. Benefiting from past failed experiences and building on them.
  3. The presence of the luck factor or chance may create some situations or causes of success.
  4. The existence of professional relationships or networks that the entrepreneur benefits from and helps him succeed in projects.
  5. Obtaining sufficient funding to convert entrepreneurial ideas from a theoretical formula to practical reality.
  6. Identifying the real obstacles that may encounter the entrepreneurial projects in order to avoid them and limit their impact on the success of the project.

Dave Castillo

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