Definition of entrepreneur

EntrepreneursIn economic theory, an individual who purchases and organises the factors of production (land, labour and capital) to produce and sell goods in the expectation of making a profit.

But generally speaking, an entrepreneur is an individual who pursues opportunities for financial or social gain, often at great financial risk.

Entrepreneurs are often owners or co-owners of their own company or enterprise and are typically characterised by their initiative and conviction, regardless of resources available.

Entrepreneurs create social and economic wealth through the creation of companies and jobs, as well as frequently innovating through the development of new products and services. [1] 

characteristics of an entrepreneur

Entrepreneurs tend to have good organisational skills, since new process-based ventures often revolve around simple, organisational improvements rather than the launch of a new product.

Attitude is also key; whereas a future CEO sees role models in bosses, an entrepreneur is a fighter. Some have posited the idea that there is a link with entrepreneurship and dyslexia  - as demonstrated by the example of Richard Branson – which could put an individual at odds with educational authority.

Youth and enthusiasm are a plus, as entrepreneurs are usually in their late thirties, but not always – Ray Kroc established McDonalds at the age of 59.

Finally, social capital has been an important factor in the development of entrepreneurs from Silicon Valley to Bangalore; social networks can influence access to information and resources and be a source of advice.