An entrepreneur is a person who makes a business to benefit from an opportunity, rather than working as an employee. Entrepreneurs play a key role in any economy. These are people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market or sell
Entrepreneurs who are successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. Those who fail suffer losses and become less important in the markets. Many fail, lose money, and close the business.[1] The entrepreneur assumes the risks and rewards of the venture and is usually the sole proprietor, a partner or the owner of tge business or majority of shares in an incorporated venture. As the main decision maker the entrepreneur monitors and controls the business activities.
According to Joseph Schumpeter (1883 - 1950) entrepreneurs regard profit as a standard for measuring achievement or success. He discovered that they:
Entrepreneurship is sometimes categorized among the factors of production, along with land/natural resources, labor and capital. An entrepreneur combines these to manufacture goods or provide services. He or she typically creates a business plan, hires labor, acquires resources and financing, and provides leadership and management for the business.
Entrepreneurs commonly face many obstacles when building their business. Given the riskiness of a new venture, the acquisition of capital funding is particularly challenging, and many entrepreneurs deal with it by bootstrapping.
While some entrepreneurs are lone players struggling to get small businesses off the ground on a shoestring, others take on partners armed with greater access to capital and other resources.