Who is an Entrepreneur and What is Entrepreneurship?

We frequently hear that so-and-so is an entrepreneur who has launched his or her own company. It is also true that when we hear the term entrepreneur, we tend to equate it with someone who has started or is starting their own businesses, or in other words, striking it out on their own.

 

This is correct, as the official definition of entrepreneurship is the process of establishing a firm or organisation for profit or for social purposes. To distinguish and separate commercial entrepreneurship from social and charity entrepreneurship, we adopted the words for profit or for social needs. Following the definition of entrepreneurship, it is now necessary to define who an entrepreneur is and what he or she does.

 

An entrepreneur is someone who creates a business plan, raises the required physical and human capital to launch a new firm, operationalizes it, and is ultimately accountable for its success or failure.

 

In other words, the entrepreneur is the risk – takers and inventor, as well as the developer of new businesses, whereas the professional manager is only the executor.

 

To ensure the success of the endeavour, the entrepreneur must have exceptional organisational and people management abilities since he or she must construct the company or venture from the ground up and must bond with his or her employees as well as vibe well with the other stakeholders.

 

Furthermore, the entrepreneur must be a leader who can inspire his or her staff, as well as a visionary and someone with a sense of mission, because it is critical that the entrepreneur stimulates and drives the enterprise. This suggests that an entrepreneur’s main talents and traits include leadership, values, team building ability, and management competencies.

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