entrepreneur

  

Definition

Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.

An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.

According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Schumpeter discovered that they

  1. greatly value self-reliance,
  2. strive for distinction through excellence,
  3. are highly optimistic (otherwise nothing would be undertaken), and
  4. always favor challenges of medium risk (neither too easy, nor ruinous).

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