An entrepreneur is a parson who undertakes a financial venture and who is willing to accept the risks of setting up a new business. The word “entrepreneur” is taken from the French word “entre”, which means to enter; and “prendre”, which means to take. The word entrepreneur can be applied to any person who starts a new project or venture or wants to grab an opportunity.
Entrepreneurship is given a lot of importance because of its contribution to the economy. In order to further encourage people to become entrepreneurs, governments usually offer different perks to them. Some of these will include tax exemptions, cheaper capital, and even management consultation and advice from experts. Generally, entrepreneurs will succeed if they focus on a market niche that is not yet being explored or is still too small or too new to be noticed by more bigtime investors or businessmen.
Most successful entrepreneurs share certain traits and qualities, among them is a high level of creativity. They should also have the ability to make fast decisions and to make them even without the help of any kind of data. The confidence and resolve to take risks is, of course, a highly prized trait for entrepreneurs. According to the Austrian School of Economics, entrepreneurs are thought of as people who are into the “creative destruction” of products and services that already exist.
Entrepreneurs also have a certain quality that may turn into a liability at some point. Most entrepreneurs have a very independent spirit, which is a great quality to have when starting out a business and trying to create a unique niche for himself. But once the business becomes highly successful, this independent spirit could also lead to conflicts especially if the business has grown enough that it will need more people that need to handle different aspects of the business.