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Origin Al Article International Journal of Mechanical and Production Engineering Research and Development (IJMPERD) ISSN(P): 2249-6890; ISSN(E): 2249-8001 Vol. 10, Issue 3, Jun 2020, 4835–4844 © TJPRC Pvt. Ltd. ENTREPRENEURSHIP IN INTERNATIONAL SKYWAY COMPANY IN UAE 1 2 DR. MUTAZMINWER HALAL ALHARBI & DR. KHALID THAHERAMAYREH 1Assistance Professor, Faculty of Administrative and Financial Science, Irbaid National University 2Assistance Professor, Faculty of Administrative and Financial Science, Irbaid National University ABSTRACT Entrepreneurship is one of the most common topics in the current era due to its imperative necessity and great importance in all economic, social, and political fields. This paper defines the Entrepreneurship and the need of Entrepreneurship in life. It showcases the most prominent founders and entrepreneurs of Skyway Company. It aims to highlight the Entrepreneurship at the International Skyway Company and discusses three strategies and techniques used by the entrepreneurs that made the company more successful in their projects. Moreover, it discusses the successful entrepreneurship in managing the huge investment projects such as the Skyway project that is achieved by the International Sky company in Dubai. KEYWORDS: Entrepreneurship- Strategy of Participation & Skyway Received: Jun 10, 2020; Accepted: Jun 30, 2020; Published: Jul 25, 2020; Paper Id.: IJMPERDJUN2020458 Original Article INTRODUCTION Due to the technological advancement and the emergence of globalization, the interest in entrepreneurship has increased in recent years. Privatization had a major impact on the business environment and on competitive environment for local and international organizations. The interest in this topic has increased because of its role in the growth of the country's economy at the macro level and growth of organizations and their expansion and getting financial and material resources. The topic of entrepreneurship is one of the important topics that accelerate the rate of change in the business environment. It his topic becomes more important as one of the required options for competition and creative in the organization. Entrepreneur of Skyway Company has created great several projects, such as the Hanging transportation projects in Dubai. The Skyway project is one of the modern projects in this era. It is a means of hanging transportation and developed with modern technology. This project was created in cooperation with the Dubai Roads and Transport Authority. More details about the Skyway project in UAE will be discussed more below in this paper. ENTREPRENEURSHIP Performing the activities of an entrepreneur is called as entrepreneurship. It is a French word, which means “to undertake”. In this, all the available resources like innovative ideas, capital, labour, and business intelligence are utilized in effective manner to produce innovative products and services. It may also involve creation of new enterprises or diversifications in established enterprises due to available opportunities in the market. Entrepreneurship is an ability of an entrepreneur to develop and establish a business enterprise and perform all the functions involved in the particular activity. Just like managers perform management, entrepreneurs perform entrepreneurship. It is a process involving different activities to set-up an enterprise. It starts with discovering of opportunities, designing a business plan, applying resources and techniques, and finally implementing the ideas. Not www.tjprc.org SCOPUS Indexed Journal [email protected] 4836 Dr. Mutazminwer Halal Alharbi & Dr. Khalid Thaheramayreh only this, it also involves managing and controlling of various risks and uncertainties, and turning it into a successful business. Entrepreneurship is generally regarded as setting-up new enterprises,’ but, in recent times, social as well as political entrepreneurial approaches have also developed. When an entrepreneurial approach is implied within an enterprise, it is called entrepreneurship. This entrepreneurship may be utilized for enabling the enterprise for corporate venturing and developing spin-off organizations. Need for Entrepreneurship Entrepreneurship is directly linked with the economic development of a society. The following describes the need for entrepreneurship: Employment Generation: Entrepreneurship is the vehicle for employment generation especially in the small-scale sector. The UAE can play a leading role in this area since it _is developed and futuristic when compared to other emerging economies. However, the UAE itself can gain a lot in areas like small business promotion and employment generation from the experiences of more developed economies like the U.S., UK, Germany, etc. For small businesses to thrive, it is necessary to have a low labour costs, good increase in the level of consumer spending, growth in the retail and service sector, low inflation rate, a robust market for housing, etc. Small Business Dynamism: Small businesses are very dynamic in nature. By nature, they are smaller and less complicated than larger organizations. They can therefore, respond faster to changes in their environment and adapt accordingly. This helps in faster communication and decision making. Small business is high in mobility and more flexible in nature than big firms. Balanced Economic Development: The level of investment required in small businesses is also lesser than larger business organizations. They can therefore, be established with ease in the rural regions. This can keep a check on the migration of the population from the rural region to the urban region. As a lot of employment opportunities can be created for the local economy,this leads to balanced growth in the economy. It is important to maintain this balance as a larger percentage of the population is residing in the rural parts of the economy. Innovations in Enterprises: Continuous innovation is essential for performance improvement and for the survival of an enterprise. As the size of small firms allows them to respond and adapt faster it is perceived that these firms are more likely to innovate than larger companies. They also do not have the problems of having to invest in high technology unlike large firms. Smaller companies can therefore be innovate and devise more agile models. Entrepreneurship has led to the rapid growth of the small- scale sector in the UAE. LITERATURE REVIEW Recently, entrepreneurship means doing something for the first in a field (for example, the main reason in the first field of space). Also it means the one who runs something new in his field or creates something entirely new that meets the demand and popularity. Impact Factor (JCC): 8.8746 SCOPUS Indexed Journal NAAS Rating: 3.11 Entrepreneurship in International Skyway Company in Uae 4837 Entrepreneurship is a multi-definition term that has been known to many authors..(Carree and Thurik, 2005) stated that the Entrepreneurship is a multidimensional term that is extremely difficult to define. What is mentioned by Carree and Thurik, can be said that it is difficult to measure the level of entrepreneurial activities and their impact on economic growth. (Murphy et al., 2006) mentioned that with the passage of time and with deep developments and unexpected fluctuations, the development of entrepreneurial ideas (competitions such as the mechanism of discovering, products of demand, creating opportunities and global trade provide modern concepts of business that will have a leadership nature) Likewise, the entrepreneurs of the ancient era presented ideas about entrepreneurship that differ from the ideas of entrepreneurship in the modern era. Thus, in Ancient Rome, around the year 50 BC, disposable incomes of entrepreneurial activity were based on social controls, regulations, and institutions. Wealth was generated from three main sources: land ownership, loans, and payments with political character. One of the new expressions discovered in the Middle Ages (500 to 1000 AD) is that property and marital status do not guarantee the success of entrepreneurship because the complete control of power by using military methods. For entrepreneurs of that time, opportunities for hostile acquisition of resources were part of their business activities (Baumol, 1990After the Church led the peace document to limit the spread of war in the last Middle Ages(1000 to 1500 AD), some activities were gained profitable entrepreneurial such as architecture, agriculture, and engineering, through of that the entrepreneurship was considered an activity that brought satisfaction and became more acceptable in the community. (Murphy et al., 2006). When we search for the first time for entrepreneurship, we find that entrepreneurship came from the French term "entrepreneur”. In the late seventeenth and eighteenth centuries, Verin (1982) defined the concept of entrepreneurship in two terms: the first is a fighter who wants to invade and achieve great victories and the second is an engineer who performs impressive and well-designed engineering designs (Sanchez, 2011).For the first time Cantillon (1755) mentioned in his book which entitled "Essai sur la Nature du Comerceen Général" that the word entrepreneurship refers to someone who buys commodities at known prices and later resells them to the market at unknown prices, which brings stability to the market system. Van Parrage in his book (1991) synthesized the main factors leading to successful entrepreneurship from the perspective’s different authors in the table No.1. Numerous theoretical
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