What is an entrepreneur?
Q: What is an entrepreneur?
A: An entrepreneur is a person who organizes a venture to benefit from an opportunity, rather than working as an employee. They have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market.
Q: What are the risks of starting up a business?
A: Entrepreneurs who take on the risks of a startup are rewarded with profits, fame and continued growth opportunities. However, those who fail suffer losses and become less important in the markets. Many fail, lose money, and close the business.
Q: Who assumes all the risks and rewards of the venture?
A: The entrepreneur typically assumes all the risks and rewards of the venture. They are usually either sole proprietors or own majority shares in an incorporated venture.
Q: How do entrepreneurs measure success?
A: According to Joseph Schumpeter (1883 - 1950), entrepreneurs regard profit as a standard for measuring achievement or success.
Q: What qualities do successful entrepreneurs possess?
A: Successful entrepreneurs value self-reliance, strive for distinction through excellence, are highly optimistic, and favor challenges of medium risk.
Q: How does an entrepreneur create goods or services?
A: An entrepreneur combines land/natural resources, labor, capital to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources & financing, & provide leadership & management for their business.
