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).

Use entrepreneur in a sentence

  • The entrepreneur had discovered a new market for her app and through proper investment and advertising was successfully generating capital for her investors.

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  • After years of working to make his emplyers rich, Ken decided he wanted to try his hand at being an entrepreneur

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  • After a short stint as an assistant baker, he decided to become and entrepreneur and invest all of his savings into his own gourmet bakery.

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Notable Quotes

  • One Perspective on Entrepreneurial Ventures
    "The idea that you can institutionalize the creation of entrepreneurial ventures is absolute bunk. (Venture Capitalist Bill Unger about incubators)"
    - Bill Unger
  • Be Willing to Change Course
    "Entrepreneurs tend to believe, "I've got my idea, I'll go until I die." But I advise them to take seriously the questions about whether their [business] plan is irredeemably flawed and whether they need to change what they're doing. Be diligent about failing fast so that you don't spend five years doing something that's just going to fail."
    - Reid Hoffman
  • Find the Thing You Do Better than Everyone Else
    "I think one way to become an entrepreneur is to find that one thing you are passionate about and realize that you can do it better than anyone else."
    - Teajai
  • Don't be a Perfectionist
    "I frequently tell Internet entrepreneurs, "If you're not somewhat embarrassed by your 1.0 product launch, then you've released too late." There's value in launching early, getting engaged with customers, and learning from them. That can direct your progress."
    - Reid Hoffman
  • One Attitude of Entrepreneurs in the World of Internet Startups
    "I don't care if people think I'm a dumb, blond, or stupid, or an overage actress, or over the hill. I don't care because I'm gonna have a very successful Internet company, and I'm gonna have $100 million in the bank and I don't really give a **** what anybody thinks! (Melanie Griffith is the founder of MelanieGriffith.com)"
    - Melanie Griffith



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