What Is An Entrepreneur?
An entrepreneur is an individual who creates a business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business or procedures.
An entrepreneur is a business owner. He is willing to do all it takes to make sure the business succeeds. An entrepreneur understands the risks involved; risks are particular to the business idea and the location.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring fresh ideas to a market, emerging or established. That is why the government must make the environment favorable for every entrepreneur. Entrepreneurship that successfully takes on the risks of creating a start-up is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.
Depending on the kind of business, funding is essential for any start-up and this is one of the reasons people seek investors anytime they have an idea of any new and lucrative business for seed funding.
Types of Entrepreneurs
•Coasters: Opportunities come to them (or not); they are most comfortable where they are and do not think of something new. They can establish and leave creative ideas to their employees.
•Conservatives: They are very moderate, eco-friendly, and judicious in their use of resources, protecting existing resources. They may create an NGO or foundation for a safer, saner planet, their line of business is directed towards environmental resources, they can be farmers too.
•Aggressives: They are proactive, all-in, actively seeking opportunity and taking everything. They are high-risk takers and ready to put their all into achieving success in the business.
Innovators/Revolutionaries: They attain growth through innovation and disruptive actions. Creative minds think about something and execute immediately.
Dave, a young and enterprising individual, noticed a need in his neighborhood in the aspect of nutrition across all ages and decided to start a food outlet and increase acceptance and patronage, he began to scale the business and increase his reach, building a base for his future entrepreneurial endeavors.« Back to Glossary Index