Definition of Entrepreneurship

 Definition of Entrepreneurship

Entrepreneurship is the willingness to manage, organize and develop projects in conjunction with vulnerability to risks in order to reach profits. Entrepreneurship depends on the initiative to establish a new business. By making use of available resources, labor, and capital that contribute to obtaining profit, and entrepreneurship is defined as an activity concerned with establishing diversified businesses; In order to make a profit with an estimate of the risk involved. Another definition of entrepreneurship is a set of skills that contribute to starting a new business. By connecting it with the ability to realize new opportunities.

Many economists view entrepreneurship from a different perspective as one of the most important means affecting the occurrence of technical progress in countries, as this progress is linked to a set of entrepreneurial decisions for decision-makers and entrepreneurs, which contributes to drawing new action plans and policies that positively reflect on economic growth rates. These new policies emanating from entrepreneurship plans also contribute to maximizing capital in organizations, developing productive processes, activating better institutional investment, and creating appropriate flexibility in production lines so that they are activated with appropriate efficiency, all of which is reflected in the increase in the gross domestic product in countries. Interested in entrepreneurship.

On the other hand, the absence of the concept of entrepreneurship in the environment of organizations affecting the economy negatively affects the economy of countries, as the repetition of the usual processes in the activities carried out by the organizations leads to a suppression of economic growth, as problems are repeated without the presence of specific solutions that help to raise production efficiency and overcome All that hinders the production process, and the failure to apply the concept of entrepreneurship in the economy leads to the misuse of human or non-human resources, which allows for the emergence of the concept of financial waste that causes economic decline, and all these effects in the business environment are bound to have inevitable repercussions On the economic reality in the countries that contain these organizations. There are many classifications that place entrepreneurship as one of the most important productive factors, which are called Factors of Production in English, along with land, capital, and labor. Entrepreneurship is the mastermind of the production process, and entrepreneurs often own small companies that they run. By themselves, and the presence of these companies contributes to moving the wheel of the economy by providing many job opportunities, and entrepreneurs usually resort to underwriting shares in the stock market, so that individuals outside the business environment have the ability to contribute to the productive process, finance the idea of ‚Äč‚Äčentrepreneurs and obtain On profits, as this method is one of the easiest ways to obtain the necessary financing for new projects, and some economic studies consider that this financing is the fifth productive factor in the economy.