Updated: Mar 16, 2022
An entrepreneur is an individual who creates a new 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.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.
Technological changes, the rising importance of information, and human resources are the basis for understanding the changes and modus operandi of the modern entrepreneur in the 21st century. The effect of information and communication technology in business operations includes identifying and understanding the economic factors that shape changes in order to create appropriate goods and services to increase income. New factors include the emergence of novel products and services, increasing value of time in global networking, and virtual operations.
New new definition of An entrepreneur can be defines as a person with creative ideas who seeks to establish a business or create a venture that produces goods or services from those concepts. They have the drive to turn ideas into action and are willing to work hard.
Importance of Entrepreneurship
Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take on the risk to employ themselves.
Entrepreneurs innovate: Some of the greatest technologies in today’s society have come from businesses.
Entrepreneurs create change: Entrepreneurs dream big. So naturally, some of their ideas will make worldwide change.
Entrepreneurs give to society: While some have this notion of the rich being evil and greedy, they often do more for the greater good than the average person.
Entrepreneurs add to national income: Entrepreneurship generates new wealth in an economy. New ideas and improved products or services from entrepreneurs allow for the growth of new markets and new wealth.