An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Entrepreneurship is the process of setting up a business, taking it from an idea to realization. An entrepreneur combines resources, skills, and vision to bring forth new products, services, or solutions that meet market demands and create value. Entrepreneurship involves identifying a need in the marketplace and working to fulfill it. Entrepreneurs typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business. They take on most of the risk and initiative for their new business and are often seen as a visionary or innovator.
Some common traits of entrepreneurs include the ability to follow their passion, total control over their entrepreneurial ventures, and creativity. Becoming a successful entrepreneur starts with bringing an entrepreneurial mindset to the business venture. The entrepreneurial mindset is a set of skills, beliefs, and thought processes that can be brought to the task of building a new business.
Entrepreneurship is one of the resources economists categorize as integral to production, the other three being land/natural resources, labor, and capital. Entrepreneurship usually starts as a small business, but the long-term vision is much greater, to seek high profits and capture market share with an innovative new idea.
