An entrepreneur is a person who establishes businesses and takes on financial risks in the hope of profit. These individuals are a vital part of the economic development process as they build companies and create jobs. Entrepreneurship is a complex and challenging undertaking, but it can be extremely rewarding.
Many entrepreneurs are described as visionaries and risk-takers. However, successful entrepreneurs are not reckless and typically take calculated risks to improve their chances of success. They are also adept at adapting their business strategies and objectives as their markets and industries evolve.
Entrepreneurs often use their own money to launch a business, even if they do not have a lot of it to start with. This is known as bootstrapping. Some entrepreneurs are able to secure funding from outside investors, while others obtain it through family and friends. In the latter case, these people are called angels or venture capitalists.
As a result of their innovations, entrepreneurs contribute to the growth of their local economies by creating new products and increasing competition. They can also foster a network of interdependent small businesses, which strengthens the overall economy and reduces its vulnerability to economic fluctuations and threats.
While the terms entrepreneur, entrepreneurial and entrepreneurship are often associated with starting a new business, they can also be used to describe innovative individuals in nonbusiness settings such as nonprofits and social movements. Similarly, innovative employees in existing companies are sometimes referred to as corporate entrepreneurs or intrapreneurs. The real Batman