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Entrepreneurship is the process of creating new companies or businesses or developing previous businesses by adding ideas and plans characterized by creativity and innovation and expanding the scope of these businesses during their construction to achieve profits. to improve the lives of individuals around the world by finding solutions to the big problems that constitute an obstacle for some, such as bringing about social change or creating an innovative product that challenges the status quo. Entrepreneurship is the means that some specialized individuals use to realize their dreams in their own hands, advance their professional lives, and lead them in the direction they want. What makes entrepreneurship desirable for everyone is that it is not based on a complex basis with many barriers, conditions, obligations, or timetables that hinder you. In addition, it enables you to run your own business without the presence of an official or manager controlling your movements. Entrepreneurs are working on striving to make the world a better place to live in by creating new job opportunities for young people and the promising generation that has the ability to be creative, given that entrepreneurship has a positive impact on the economies of countries and the gross domestic product.
The emergence and evolution of entrepreneurship
Entrepreneurship appeared about 20,000 years ago for the first time in Guinea, where people were trading in obsidian, or what is known as obsidian, which was used in hunting tools. For thousands of years, the tribes of hunters also dealt with the same principle to provide their tribes with food and other materials, and there are many other examples of entrepreneurship from the past, but the matter changed after the industrial revolution in the eighteenth century. Because of the emergence of many companies and institutions, the need for the emergence of innovative and different ideas that meet the needs of individuals around the world and contribute to the growth of the economy has become a very necessary matter.
What are the essential elements of entrepreneurship?
Entrepreneurship is based on three basic elements that contribute to its success or failure, its effectiveness, and its impact on society. The following is an explanation of the most important of these elements:
1- Creativity
The principle of entrepreneurship is based on excellence through the introduction of new and different ideas, so creativity is one of the most important elements that any entrepreneur needs to maintain his level of production and sale, or what can be called supply and demand, and entrepreneurs exploit the available resources and advanced technologies to innovate everything that is new or modifies previous ideas.
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2- Organizing
Organizational skills are very important in developing the concept of entrepreneurship. Although entrepreneurship is directly related to the official, there must be employees and an entire team that needs direction, management, and organization in line with the company’s goals.
3- Risk
All businesses involve some risk, but entrepreneurship may pose a greater risk to the person who is responsible for the decisions he makes and implements. Yet without the risk, the business will not prosper or grow, and there will be no new opportunity for learning.
4- Vision
The entrepreneur must have a vision for the future of the work he does and develop plans, strategies, and long-term goals that are commensurate with the nature of the company’s work and meet the needs of society at the same time.
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What are the types of entrepreneurship?
Entrepreneurs differ according to the ideas they have and the projects they want to implement on the ground. What makes entrepreneurs different is their way of doing business, management methods, and dealing with customers. Here is an explanation of the most prominent types of entrepreneurship:
1- Small Business Entrepreneurship
Some entrepreneurship keeps its small form due to the lack of resources with which the business is founded. Typically, small-scale entrepreneurship is more innovative, and this type of entrepreneurship is based on the development of a pre-existing product or service. The employees of small businesses, such as local stores and restaurants, are usually family or friends.
2- Great Entrepreneurship
The work begins with a small idea, then it is developed, invested in, and worked on to expand it to become a large entrepreneurial business, or some companies take the idea of acquiring and buying smaller companies. level of production.
3- Innovative Entrepreneurship
Innovative entrepreneurship is based on inventions and creative ideas, which can then be converted into projects. These projects are based on improving the lives of individuals and society and trying to solve big problems by covering market needs by producing products and providing appropriate services, thus achieving expected profits.
4- Social Entrepreneurship
This type of entrepreneurship focuses on solving social problems, such as facilitating access to food or basic services and getting money, where the stated goal of these companies is to reach a better world and improve the standard of living for individuals, and these organizations are usually called non-profit organizations.
5- Scalable Entrepreneurship
All businesses begin their journey as implemented ideas that work in a simple and small way, but they are scalable and growth-oriented, and through this type of entrepreneurship, an attempt is made to try to develop and expand the business in the appropriate way, and often the people with influence and capital control the small companies.
What are the benefits of entrepreneurship?
Entrepreneurship powers the economy through innovation, so the importance and impact of entrepreneurs do not exceed
Accused only of private companies, but entrepreneurship can affect society or the world, and the following are some of the benefits of entrepreneurship:
1: Entrepreneurship affects economic growth
The success of sales of products and services that are created by entrepreneurs and other companies flows into the general economy of the country, which may raise the value of foreign investments within the country at the same time.
2: Entrepreneurship generates wealth
Entrepreneurs often target new markets and take advantage of customers outside the focus of existing competitors, creating new profits and revenues.
3: Entrepreneurship helps achieve social change.
And that is that entrepreneurship and the innovative ideas that it produces reduce dependence on old processes and technologies and thus help bring about new change.
4: Entrepreneurship develops societies.
Entrepreneurs enhance a sense of belonging within the community by helping people who have talents, creative thinking, and abilities that qualify them to participate in entrepreneurial work.
5: Entrepreneurship contributes to supporting the realization of dreams and desires.
It enables the individual to choose the right path that enables him to reach success and transform expectations and hopes into reality.
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What are the characteristics of successful entrepreneurs?
Entrepreneurship is sometimes difficult for some people because of their constant need for new and unique ideas, and not all entrepreneurs can be considered successful in general, so the following is an explanation of a number of characteristics that may make entrepreneurship a successful process:
1. The ability to take risks
The idea of starting any project involves taking risks, and the possibility of failure is high, so the entrepreneur must be brave and able to evaluate and take risks.
2- Innovation
Where the entrepreneur must always possess the ability to create new ideas, produce them, and provide innovative services that enable him to compete with the market and the development witnessed by the world in all fields, in addition to the possibility of developing previous ideas in an effective and different way,
3. Quality of vision and leadership
The entrepreneur must have a clear vision for his new project to be successful, in addition to possessing the qualities of leadership that enable him to properly manage his employees.
4- Flexibility
The entrepreneur must be flexible and open to change according to the situation and circumstances he is facing.
5. Full knowledge of the type of product or service it provides
The entrepreneur has to follow the product offerings and be aware of the latest trends in the market.
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