Entrepreneurs and their financial supporters usually seek immediate growth and profits. Entrepreneurship is not just the creation of a business. it more than the creation of a business. As stated above, the entrepreneurs seek opportunities, take risks that are beyond the security, and they have the tendency to push an idea until it becomes a reality (Hodgetts and Kuratko 2008, p3). Entrepreneurs have the following five characteristics. risk-taking activity, need for achievement, self-confidence, a strong urge to be independent, and flexibility. Entrepreneurs are distinguished from the others because of their innovation and creativity, their networking capabilities, their determination to face difficulty, and their capability to manage risk (Lowe and Marriott 2006, p40).
The entrepreneurship mindset is developed within the individual and this mind-set can be exhibited within and outside the organization, in non-profit and profit-making enterprises, in business and non-business activities with the overall aim of bringing out creative ideas. Entrepreneurship can be described as the integrated notion that enters the individual’s business through innovative ways (Hodgetts and Kuratko 2008, p3). Evangelos (2008, p3) describes entrepreneurship as the capability to change an invention to a worthwhile business. Innovation is present everywhere and there is a need to incorporate it within the entrepreneurial spirit (Evangelos 2008, p3). The purpose of the invention is to target the company’s growth. it is imperative to note that entrepreneurship and innovation open up opportunities that are required and specifically when the company has no other option except to reinvent its strategic plan (Evangelos 2008, p17).
The Importance of Entrepreneurship and Innovation
The importance and the role of entrepreneurship have been underestimated for many years in social and economic development. However, the trend has changed and over the past years and the contribution of entrepreneurship to economic development has been significant.