What is a meaning of an Entrepreneur?
- A person who sets up a business or businesses, taking on financial risks in the hope of profit.
- A promoter in the entertainment industry.
What is Definition of an Entrepreneur?
- “A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”.
Who is an Entrepreneur?
What is an Entrepreneur?
An entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and to make the right decisions that lead to profitability. The reward for taking the risk is the potential economic profits the entrepreneur could earn.
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced. An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.
According to economist Joseph Alois Schumpeter (1883-1950), an entrepreneur is not necessarily motivated by profit but regard it as a standard for measuring achievement or success.
Schumpeter discovered that they
- Greatly value self-reliance,
- Strive for distinction through excellence,
- Are highly optimistic (otherwise, nothing would be undertaken), and
- Always favor challenges of medium risk (neither too easy nor ruinous).