Introduction
Entrepreneurship entails more than just starting a business or taking advantage of chances. It is “the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world” (“What is entrepreneurship?” 2021). The case study of an entrepreneur, Mashael Al-Qahtani, will help to develop an understanding of the underlying processes of this phenomenon.
Background
Currently, entrepreneurship plays a significant role in the economy of Saudi Arabia. Mashael Al-Qahtani is a 37-year-old woman with a bachelor’s degree and a member of one of Saudi Arabia’s major tribes, Qahtani. She created her company of comprehensive solutions for organizing and managing events, “Perfection.” According to the General Directorate of Small and Medium Companies (Monsha’at), women would hold 45% of start-up company ownership until the first half of 2022, an increase from the previous year (Person, 2023).
Entrepreneurial Characteristics
Aamir et al. (2021) point out that entrepreneurial work requires having a rational cognitive style to lead the behavior of individuals. McClelland identified three distinct needs: the need for accomplishment, power, and belonging. The desire to succeed is what drives entrepreneurs the most (Sarri & Trihopoulou, 2005). Female entrepreneurship is of great importance when considering the case of Mashael Al-Qahtani. This is because now “a total of 17.7 percent of the Kingdom’s women are engaged in entrepreneurial activity,” which shows a positive trend in establishing equality in this area (Ferrari, 2021, para. 2).
Entrepreneur and Theory
It is crucial to connect Mashael’s entrepreneurial endeavors to the theoretical underpinnings. The sociological theory of entrepreneurship by Max Weber and Joseph Alois Schumpeter’s innovation theories correlate strongly with Mashael’s case since they emphasize such critical factors as social aspects and innovation for Saudi Arabia. The latter theory is essential since it puts forth the concept of innovation and innovative ideas.
Challenges and Barriers
Several significant challenges and barriers existed for Mashael in the business sphere. Women were not well-represented in the entrepreneurial environment, and up until 2017, a woman had to hire a male agent to handle any issues with the government (Nielsen et al., 2021). Mashael also had to deal with the non-linearity of development because entrepreneurship requires facing problems to gain success. She accepted the fact that uncertainty is a constant in entrepreneurship and that there would probably be more downs than ups in a firm’s beginning phases.
Entrepreneur Mistakes
Mashael said that one of the biggest mistakes is not taking care of financial management and its correct establishment methods, since it is the most crucial department in any entrepreneurship. In addition, Mashael’s first efforts to reduce costs by limiting the company’s cost of capital were unsuccessful, which had the potential to be harmful to the credit rating (Baker and Welter, 2020).
Strategies and Factors to Gain Success
There are different ways and strategies to gain success in entrepreneurship. Understanding the business environment, its repercussions, and the theoretical underpinnings of operations is important. In addition, several vital factors, such as psychological and personal traits, can contribute to the success of the business (TEDx, 2019). Time management is another essential factor in the development of entrepreneurship (TheEllenShow, 2019).
Conclusion
Entrepreneurs are important because they impact larger communities and have power over their businesses. Mashael’s case demonstrates that several elements might hinder achievement, and even more challenges can be encountered. Entrepreneurs have played a significant role in fostering social change and enhancing people’s quality of life. By generating jobs and enhancing the functionality and safety of products, they contribute to raising the quality of life for everyone.
Reference list
Aamir, M, et al. (2021) ‘Signifying the effect of relational and experiential cognitive styles on entrepreneurial behavior: A mediated moderated model,’ Frontier Psychology, 12. Web.
Ferrari, M. (2021) Saudi Arabia has the world’s third-highest share of female entrepreneurs: Report. Web.
Nielsen, S.L., Klyver, K., Evald, M.R. and Hager, T., (2021) Entrepreneurship in theory and practice: Paradoxes in play. Edward Elgar Publishing.
Person (2023) Saudi Arabia’s entrepreneurial ecosystem demonstrating significant change, Arab News. Web.
Sarri, K. and Trihopoulou, A. (2005) ‘Female entrepreneurs’ characteristics and motivation: A review of the Greek situation’, Women in Management Review, 20(1), pp. 24–36. Web.
TEDx (2019) ‘The future of female entrepreneurship: Girlhood pipeline‘, YouTube. Web.
TheEllenShow (2019) ‘6 female entrepreneurs that Ellen loved‘, YouTube. Web.
What is entrepreneurship? (2021). Web.