Entrepreneurship: Social Entrepreneurship in the Arab World—Innovation and Entrepreneurship

Abstract

Entrepreneurship is the state of being an entrepreneur, or the activities associated with being an entrepreneur. The practice of entrepreneurship is exercised by innovation, which is important not only for the new ventures but also for the existing business and the public-service institutions. Throughout the whole history of human civilization, entrepreneurs emerged who led innovations to change the world towards growth and prosperity.

Innovation is not about the creation of new things, but it is about a new way of doing existing things with creating meaningful values. Innovations for human life span the whole spectrum of the necessities of human life, including food, clothing, and shelter, and expanded to work, business, society, entertainment, and cognitive innovations such as education, philosophy, and religion.

We live in the Age of Innovation. Business competition is fierce, and the life of business is shortening every year. To survive, companies should become the fittest in the business competition battle grounds. Only innovation will make a company to be the fittest by artificial selection and be sustainable. Innovation is the imperative element in this battle ground, and it is the matter of survival for business and humankind.

In this chapter, the relationship between entrepreneurship and innovation is explored, and the importance of innovation in business, categories of business innovation, opportunities and sources of innovation, social innovation, and innovation strategy are discussed. Furthermore, crucial factors of entrepreneurship and innovation strategy in Arab World are discussed as well.