Entrepreneurship Environment in the Arabian Gulf - Essay Example

But many times when these enterprises turn out to be successful, the possibility of the world witnessing the advent of new technology improves. In such cases, not only is the entrepreneur who initiates the endeavor benefitted but the region which hosts such activities gains as well. This is the reason why developing nations are more in need of such entrepreneurial activities which spans room for successful innovations. Nonetheless, such undertakings require encouragement on part of the national government of the concerned nation. National administrations of most developing nations are rarely in a position to afford the opportunity cost of fruitless endeavors which is why they often back off.

In addition developing, nations are also pestered by a large number of social drawbacks ranging from conservativeness to lack of adaptability which tend to hold back entrepreneurs. The Gulf of Arabia could be regarded as an example of one such region which had been characterized by such economic and social glitches till a few years ago.

Although support from the provincial government and society from every conceivable aspect is necessary for entrepreneurship, a budding entrepreneur must also have robust business acumen, defined by a number of characteristics. Firstly, a potential entrepreneur needs to be ambitious and competent in nature, with a clear understanding of the challenges he is likely to face and ways to extradite out of the same. Secondly, he must not be afraid of taking risks since they might subsequently reap hefty business returns. Thirdly, such people should be visionaries in their own small way and creative as well so as to make the best possible use of every opportunity that crosses their path.

Being creative and unique also helps them to leave their own mark and thus curve their own path to success. Fifthly, it is important to stay highly focussed and committed to their target to minimize the chances of errors. Apart from the feature defined above, it is also necessary that a person contains managerial skills which help him run an organization successfully. Moreover, technical know-how is also a vital area that boosts a person’s creativity and hence, expertise in the field where he is venturing out (Gitman & McDaniel, 2008, p. 130).

Last but not the least, a potential entrepreneur must be a good observer as well, who is able to study accurately the exact nature of the customer base he is going to serve. Nature implies both intrinsic characteristics with which a person is born as well as the ways in which he is likely to behave when portrayed in different situations.

In fact, it could also be said that economic progress in the true sense of the term, facilitates entrepreneurial skills. Better the economic position of a nation is, the greater can the number of national authorities spare for research and development purposes. Thus, entrepreneurial potentials are honed in the process thus testifying to the fact that a strong economic situation and entrepreneurial environment are often synonymous (Holcombe, 2007, p. 67).