Many people may have an idea what an entrepreneur is but most of the people don’t have a slight about entrepreneurship. It is defined as the process of scheming, launching and running a new organization, which is often originally a small business in its initial stage. The people who create these businesses are known as entrepreneurs. Let’s see what Kassem Mohamad Ajami has to say about this broad topic i.e., Entrepreneurship.
Entrepreneurship has been explained as the “capability and eagerness to create, establish and manage a business venture along with any of its jeopardies in order to earn a considerable profit in lesser investment. It’s all about getting better ROIs. While definitions of entrepreneurship generally pay attention to the beginning and running of businesses, due to the high risks convoluted in beginning a start-up, a significant proportion of start-up businesses have to terminate due to “lack of capital, lousy business decisions, an economic crisis, lack of market demand, or an amalgamation of all of these.
A broader definition of the term is occasionally utilized, peculiarly in the field of economics. In this utilization, an Entrepreneur is an individual which has the capability to find and act upon opportunities to interpret inventions or technologies into products and services: “The entrepreneur is capable to understand the commercial potential of the invention and establish the capital, talent, and other resources that transform an invention into a commercially feasible innovation. In this sense, the term “Entrepreneurship” also takes care of innovative activities that help an enterprise to raise or grow.
Entrepreneurship also encompasses various resources, such as- land, labor, natural resources, and capital to yield profit. An entrepreneurial spirit is regarded as innovation and risk-taking and is an important entity of a nation’s ability to succeed in an ever-changing and competitive global marketplace
Many people do not know that an entrepreneur plays a major role in enhancing the economy of a nation.