An entrepreneur is a person who initiates an enterprise, taking on the personal risk in pursuit of the rewards of establishing a sustainable, profitable business.
Entrepreneurs are pioneers of the business world. They act on their ambition to start new business projects, esteeming the reward worthy of the risk.
Entrepreneurism as a personality trait
Entrepreneurism can be considered a deep personality trait. They are sometimes described as people with a commercial appetite for risk. Or, determined to pave their own way. It’s a form of expression. A outlet for passion. As is often the case, entrepreneurs start multiple businesses throughout their careers. This is called serial entrepreneurism (Richard Branson, for example).
Skills of an entrepreneur
There are no prescribed skills for becoming an entrepreneur. In fact, entrepreneurs are typically avid researchers and learners. They back themselves to ‘find a way’ to achieve success that might not necessarily be well-trodden.
Being confident as an entrepreneur
Typically considered to be fearless, this is not necessarily the case. It’s just that their belief in establishing the right business outweighs their regard for the odds against.
Entrepreneurs add economic value
Entrepreneurs create value in the economy. They utilise available or otherwise underutilised resources for commercial activity and generate profit. Successful entrepreneurship adds value to a country’s GDP (gross domestic product).