International Webinar 2023 - The Role of Digital Based Innovative to Improve Competitiveness – Part 8

The word entrepreneur comes from the French word which means "To Undertake" which was first introduced and used by a French Irishman - Economist Richard Cantillon. In the 19th century, a French economist 'Jean-Baptiste Say' is believed to have coined the term 'entrepreneur'. He defines an entrepreneur as a person conducting an organization, specifically a contractor, acting as an intermediary between capital and labour.


There has been a lot of attention paid to the term entrepreneurship over the past few years, as many people realize that entrepreneurs who organize small companies greatly contribute to the economic growth of a country. Developing countries have introduced taxes and policies to encourage the planning and implementation of small businesses in the belief that small businesses have the potential to grow into large businesses.


An entrepreneur is a person who manages, organizes and bears the risks of a business or company. In other words, an entrepreneur is a person dedicated to discovering something new, exploiting new conceptions and visions into profitable opportunities by bearing the risks involved in the process. Entrepreneurs are people who develop ideas for setting up a company, run it and finally set up a company. Entrepreneurship refers to the process of activities carried out by an entrepreneur in an organization. Entrepreneurship is an important component that affects the economic growth of a country and also affects the overall competition of a country.


The entrepreneurial process involves identifying, evaluating and implementing new business ideas. This process also includes the establishment of new companies and business organizations. Innovation is also an integral part of the process. This process results in the creation of job opportunities and improves people's living standards as well as influencing the growth and development of a country.


Entrepreneurship is both a science and an art. As a science, it lies in proven business planning and managing processes. As art lies in innovative thinking, implementation, and business growth.


Innovation is considered as a key factor in the concept of entrepreneurship. Entrepreneurs add to the economy in terms of innovation and difference and this level guarantees positive results. Entrepreneurs do imaginative and unique thinking on existing situations and try to grow something new. It can be in terms of new products, production techniques, technology, marketing strategies, and so on.


Organization is another key element of successful entrepreneurship. Without an organization, everything would become disorganized and unmanageable which would further lead to losses, decreased business goodwill, dissatisfied customers and mental stress on staff as workers could leave the organization. Therefore, maintaining a proper organizational structure within the company is not significant, which determines who will perform certain tasks and how those tasks will be carried out.


All business involves risk and in entrepreneurship, it is the responsibility of the entrepreneur simply because it is a "one man show". Without taking risks, a business cannot thrive, but on the other hand, taking excessive risks can lead to heavy losses. Risk taking is another word for exploiting opportunities and gaining a competitive advantage over others appearing in the same market. In this way, business and economy are both facilitated.


An entrepreneur must also have a strong vision if he wants to be successful in his business. Entrepreneur's foresight determines how the business and other business policies will be carried out. The way the entrepreneur visualizes his business in the coming years is how the business moves forward and profitability is earned. Keeping the vision in mind, tasks identified, carried out, risks taken and organizational culture showcased. It is important to set long term and short term goals for the business so that the goals of the organization can be studied.


The above material was presented by presenters from Indonesia in an international webinar held by STEKOM University in collaboration with Universities from Pakistan, Malaysia, and various other parties. The name of the presenter is Achmad Zaenuri who is a lecturer at STEKOM University and is the head of the entrepreneurship study program.


This international webinar activity is part of the implementation of STEKOM University's commitment to increase various international activities. This was done in order to realize the vision to become an international-class university. Various international activities carried out by STEKOM University continue from year to year. There are international activities that are sustainable and there are also some international activities that are not sustainable. All types of international activities are accommodated and regulated by the International department of STEKOM University.