Every entrepreneur has a different story about the decision process to start a business. Some realize that they want to work for themselves from day one, while others may want to realize the idea that came to their mind while working in a place.
Most entrepreneurs can say that entrepreneurship is extremely enjoyable and exciting. Unless you experience great frustration, it feels good to start a company from scratch and turn the products or services in your mind into reality.
What does entrepreneur mean?
The person behind an initiative is an action-oriented and motivated person to achieve goals. M. Kirzner defines entrepreneurs as “an entrepreneur is a decision-maker whose entire role arises from alertness to unnoticed opportunities or knowledge about market data”.
Entrepreneurs make an important contribution to the development, welfare of the economy and the whole society.
Systematically with the resources they provide to produce and market a good or service; they are the person who consciously brings together the resources of time, labor and capital, and who can risk the damage that may occur while doing this activity. An entrepreneur is generally a person who takes responsibility and risk, has a strong desire to succeed, can sense opportunities and the future, adopt changes and comply with conditions.
An entrepreneur is someone who goes beyond the ordinary and runs after innovation. They accelerate the creation, dissemination and implementation of entrepreneurial new ideas, also lead to the emergence of new industries, increases efficiency in market by using technologies, and accelerate economic growth as they create rapidly growing sectors.
The number of entrepreneurs and small businesses are increasing
Entrepreneurs make an important contribution to the growth or establishment of small businesses by introducing new initiatives to embody their innovative ideas. Statistics reveal that around half a million small businesses are established each year in the US economy. Our region is no exception in this regard and the number of successful entrepreneurs in UAE is increasing every day.
Entrepreneurships with entry-level businesses are particularly important in employment. There are now too many companies to work instead of giant firms or government offices. Thus, it is possible to be included in working models where more individual preferences are at stake.
Small businesses are the only sector that makes up the bulk of total employment each year. Moreover, entrepreneurial enterprises prepare and supply experienced workers to large industries.
Entrepreneurship is the incubator of innovation
Innovation is the most important feature that establishes today's order. Technology developing with innovation and all other products and services make every idea valuable. Initiatives go beyond the idea stage and realize the implementation and commercialization of innovations. Research and development of innovation is provided by entrepreneurship.
Promotes abundant retail opportunities, more housing, fewer slums, better sanitation standards and higher spending on education, recreation and religious activities. Thus, entrepreneurship leads to higher commitment and a quality of life.
Entrepreneurship benefits to society and individuals
Entrepreneurship is the most effective way to integrate those who feel divested and alienated into the economy. By safely integrating minorities, immigrants and women into entrepreneurship, a strong plural society can develop. Standard of living is a concept based on the increase in consumption of various goods and services by a household over a period of time. Thus, it depends on the availability of diversified products on the market and offers tremendous products that are diversified by entrepreneurship, innovation.
Entrepreneurship is innovation and a pioneering effort that contributes to the development of humanity. It has important contributions to the level we have achieved in every aspect of human life. Therefore, entrepreneurship has become one of the most important concepts of today.