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To sum it up, entrepreneurship is about creating a business to invent something or develop an existing product in an innovative way that attends to people’s needs while compelling with modern-day requirements; it is a venture that can be pursued by an individual or a group of people.
In essence, Professor Stevenson views entrepreneurship as a versatile approach that can be applied by anyone in an organization, whether they are founders or team members.
To summarize, entrepreneurship involves creating a business to invent something new or develop an existing product innovatively, addressing people's needs while meeting modern-day requirements. It is a venture that can be pursued by individuals or groups. There are countless inspiring stories of successful entrepreneurs like Steve Jobs and Bill Gates, from which aspiring entrepreneurs can draw inspiration when starting their own businesses.
In light of recent significant advancements in the business world, including technological development and market changes, entrepreneurship has experienced rapid global growth. The United Arab Emirates has excelled in this field, ranking first globally in the Global Entrepreneurship Index 2022, as noted in the Global Entrepreneurship Monitor (GEM) report. Entrepreneurship can be categorized into four main types:
People often consider starting small businesses in their local area with the goal of making a modest profit, without focusing on future expansion or development. Small businesses, such as restaurants or specialty stores, represent the simplest form of entrepreneurship.
When entering into the entrepreneurship world, it is important to acquire a set of skills that enables you to achieve your goals. These skills include innovation, creative thinking, understanding market needs, and the ability to pursue apt solutions to meet these needs.
Scalable startups are businesses or projects that possess the potential for significant growth and evolution over time. They demand committed team members who are dedicated to achieving success and developing compelling project ideas. Meta is an excellent example of a scalable startup.
In large companies, entrepreneurship focuses on innovation and the continuous development of strategies and programs to meet people’s needs through the consistent introduction of new services and products.
This can also involve expanding by opening new branches and departments. Emirates Airlines exemplifies this approach, having grown to become the world's third-largest airline in terms of scheduled revenue passenger kilometers flown and international passengers transported.
Additionally, large companies often enter new markets by acquiring smaller firms, as seen in Disney's acquisition of Pixar.
Social entrepreneurship plays a crucial role in addressing social issues and enhancing the quality of life within societies, both locally and globally. This form of entrepreneurship is dedicated to solving social problems and fostering positive change. Examples include organizations focused on alleviating poverty and funding institutions aimed at community development.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has emphasized the significance of social entrepreneurs, stating: “We have great expectations for entrepreneurs, placing our trust in their limitless inventive ideas; they are the ones who draw the map of the future with high determination and ambition that disregards obstacles and limitations. They are the building blocks of vibrant communities and the pillars of their leadership in business, economy, culture, and all other fields.”
A 2020 report by Guidant Financial, an American small business financing company, identifies the three primary challenges for new businesses: lack of cash, employee retention, and marketing.
In addition, there are numerous obstacles that entrepreneurs commonly encounter. Here are some of the most prevalent ones:
Before embarking on any entrepreneurial endeavour, it is crucial to have a clear understanding of the idea and the service it provides. A well-crafted plan that aligns with the business's goals is vital for success.
To avoid pitfalls, businesses should conduct thorough market research to understand people's needs and preferences, thereby increasing their chances of success in their venture.
Money plays a significant role in expanding and securing a business's position in the market. However, insufficient funding remains one of the most significant challenges faced by entrepreneurs.
To navigate this issue, businesses must adhere to the assigned project budget, employ effective money management skills, and regularly evaluate and assess their expenditures.
If your business is facing challenges in its early stages, your marketing strategy may not be effectively reaching your target audience.
To address this issue, consider developing new and innovative marketing techniques to boost brand awareness and expand your customer base. Additionally, allocate more time and resources into marketing strategies that have shown success through careful evaluation.
Efficiency and the ability to meet targets are essential qualities for every employee. On the other hand, hiring unqualified individuals or having an inefficient management system can lead to business failure.
To avoid this, it is crucial to recruit the most qualified individuals and establish a well-organised, effective management team. Implementing a clear and detailed management plan will help keep your employees motivated and maintain their best performance.
For those pursuing a career in entrepreneurship, being available at all times and paying close attention to every detail is essential. Poor time management significantly increases the risk of project failure.
Therefore, entrepreneurs must manage their time effectively and prioritize tasks to ensure they achieve their goals.
Entrepreneurs face the significant challenge of adapting to constantly changing social demands and needs. Failing to do so can make their business vulnerable to recessions, lower its effectiveness, and reduce its competitiveness in the market.
Hence, entrepreneurs must have the spirit of renewal and readiness to rapidly changing customer and societal needs.
Therefore, the ability to anticipate and forecast emerging trends and new technologies is a critical skill for entrepreneurs. This foresight helps them develop new products and services that effectively address customer needs.
The increasing number of competitors and the recent significant advancements in the world require entrepreneurs to be exceptionally competitive, especially new entrepreneurs striving for sustainable success in the market. To achieve this, entrepreneurs must develop new products and services that cater to the needs of their customers and provide practical solutions to the challenges they face.
Entrepreneurs should align key competitive traits such as quality, customer service, market-compatible pricing, and innovative marketing strategies with their business goals to achieve optimal results.
In life, challenges and obstacles are inevitable, whether in entrepreneurship or in any other endeavour. What matters is persistence and continuous effort towards achieving your goals.
Entrepreneurship is no different; it comes with its share of setbacks and hurdles. However, viewing these challenges as opportunities for growth and advancement is crucial for long-term success.
[1] online.wlv.ac.uk, What is entrepreneurship?
[2] coursera.org, What Is Entrepreneurship? A Guide
[3] ca.indeed.com, What Is Entrepreneurship? (Definition, Types, and Tips)
[4] ownr.co, What is Entrepreneurship? How to Become an Entrepreneur
[5] financesonline.com, 113 Entrepreneurship Statistics You Must Learn: 2024 Market Share Analysis & Data
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