concept of entreprenuership

• Entrepreneurs are risk-takers. They are willing to take calculated risks in order to achieve their goals.
• The word "entrepreneur" was derived from the French verb enterprendre, which means "to undertake"
• Entrepreneurs are innovators who are willing to take risks and generate unique ideas to provide profitable solutions to market and societal needs
• Entrepreneurs exhibit characteristics as innovators and risk-takers, contributing to their success in navigating the dynamic and competitive business environment
• Development of managerial capabilities is a benefit for entrepreneurs to develop their managerial skills
• Entrepreneurship leads to the creation of organizations, improving the standard of living, and serving as a means of economic development for both the entrepreneur and the society
• Characteristics of entrepreneurs as innovators:

  • Creativity: Innovators constantly generate new ideas and think outside the box
  • Visionary Thinking: Entrepreneurs with an innovative mindset have a clear vision of the future
  • Adaptability: Innovation requires adaptability to respond to market conditions and technologies
  • Curiosity: A natural curiosity fuels innovators to explore various fields and stay informed
  • Risk-Taking: Innovators are willing to take calculated risks
  • Persistence: Entrepreneurs need persistence to overcome challenges and bring their innovative concepts to fruition
• Characteristics of entrepreneurs as risk-takers:

  • Courage: Successful entrepreneurs display courage in the face of uncertainty
  • Decision-Making: Effective risk-takers can make informed decisions swiftly
  • Resilience: Resilience is crucial for bouncing back from failures
  • Confidence: Risk-taking requires confidence in one's abilities and convictions
• Common competencies in entrepreneurship:

  • Decisive: An entrepreneur must be firm in making decisions
  • Communicator: An entrepreneur must have convincing power
  • Leader: An entrepreneur must have the charisma to be obeyed by employees
  • Opportunity seeker: An entrepreneur must have the ability to identify business chances
• Factors affecting entrepreneurship:

  • Personality Factors:
  • Initiative
  • Proactive
  • Problem Solver
  • Perseverance
  • Persuasion
  • Planner
  • Risk-taker
  • Environmental Factors: Include political, climate, legal system, economic and social conditions, and market situations