To avoid misconception, it would be great to start with the definition of entrepreneurship. According to social and business experts, entrepreneurship can be defined as follow:
• The act of Introducing new products, services or processes that create economic change and disrupt existing markets (Joseph Schumpeter).
• Risk taking and innovation it is mainly about the willingness and ability of taking calculated risk and create and commercialize innovative ideas.
• Value creation through the identification of unmet need and developing the solutions to capture the economic value.
• Intrapreneurship mainly in large organizations where some employees drive innovation and growth within the company.
However not all entrepreneurships are meant to lead to financial benefits or a new venture, the reason why we should not underestimate the value of other forms of entrepreneurship such as:
• Social entrepreneurship is achieving social impact rather than just financial gain.
• Serial entrepreneurship.
• Lifestyle entrepreneurship.
• Cultural and creative entrepreneurship.
• …
To understand the importance of entrepreneurship we must have a quick look about its significance to the economy, the community, and to the whole world:
• Entrepreneurship is a major driver of economic growth, create new businesses and jobs. It increases productivity hence leads to higher GDP and most of all improve living standards.
• It has significant influence on reducing unemployment rate.
• And its Generated wealth can be reinvested in ventures and contribute to economic growth.
• Entrepreneurship leads to regional development by attracting talents and creating network of businesses that supports each other.
• Entrepreneurship creates market competition, this benefits consumers by providing them with more options and better value for their money.
• Entrepreneurship create balance in wealth distribution by providing equal opportunity for individuals from various background and different level of the society.
Here after are the most common traits and characteristics often associated with successful entrepreneurs:
• Vision: they envision the future and set long term goals.
• Passion: they are deeply committed and willing to invest effort and time.
• Resilience: they learn from their mistakes and most importantly from others’ mistakes.
• Adaptability: they amend or change their business approaches to adapt with the constantly changing business landscape.
• Creative thinking: they always find innovative solutions to problems and seek opportunities.
• Resourceful: They do more with less and they make the most of available resources.
• Decision making: They make decision in relatively short time to move forward.
• Leadership: They inspire, motivate, lead by example and spread positivity.
• Network: they surround themselves with mentors, advisors and partners for guidance and support.
• Customer-centric focus: They estimate the customers and use their feedback to improve products and services.
• Financial literacy: It is a must to knowledge about budgeting, forecasting and financial analysis.
• Time Management: They know how to prioritize tasks to stay productive.
• Self-discipline: They manage to stay productive when no one is watching neither applauding.
• Goal Oriented: They set measurable targets for their business.
• Market Awareness: They stay informed about the market trends and the monitor the changes that might influence their business.
• Communication skills, Market awareness, Ethical values.
Dr. Youssef Lamaa
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