Entrepreneurship Essay 1|
Name: Mohab H. RizkID: 111709Major: CN|
A basic definition for entrepreneurship is starting a business from scratch, which includes everything from idea conception to managing the company for the long term; we understand from the definition that any new idea or a new way of implementing the idea is an entrepreneurship, while the definition of 'Entrepreneur' is “An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes”. (http://www.investopedia.com/terms/e/entrepreneur.asp#ixzz2CO8HPK7K) Peter Drucker whom is known as "The Father of Modern Management," said entrepreneurship centers around innovation "Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation," Drucker said. "And they need to know and to apply the principles of successful innovation." (Drucker, http://www.businessnewsdaily.com/2642-entrepreneurship.html). Entrepreneurs have characteristics such as Ability to Plan, Marketing Skills, Interpersonal Skills and Leadership Skills. The most important skill of all these skills is the passion, the entrepreneurs must love what they are doing to gain success in their businesses, so that they can carry on the obstacles that might face them in their road to success, one other important factory is experience in the business or in the field of work which they will work at, but entrepreneurship has another definition for its importance in the economy Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and...