The term entrepreneur means different things to different people. However, it can simply be defined as a person who creates a new business.
Usually seen as a business frontrunner and innovator of fresh concepts and business processes, an entrepreneur undertakes the initiative of establishing a venture to take advantage of an opportunity, and decides what, how and what volume of a commodity will be produced.
An entrepreneur not only supplies risk capital, as a risk taker, he also undertakes the monitoring and controlling of the business operations. He is usually a sole proprietor, a partner or the person with the majority stakes in an incorporated venture.
Entrepreneurs play an integral role in any economic setup. They possess the skills and ingenuity required to take noble first-hand ideas to the market and make the right decisions that will drive the ideas to economic profitability. The potential profits will be the prize earned from the risks taken.
One economist – Joseph Alois Schumpeter (1883 – 1950) – observed that entrepreneurs do not necessarily derive their motivation from profit, but rather regard it as standard for measuring success. According to Schumpeter, entrepreneurs bear the following features:
• They highly regard self-reliance
• Entrepreneurs strive for distinction through excellence
• They are highly optimistic
• They always favour challenges of moderate risk – neither too easy, nor disastrous
Generally, entrepreneurs need to have an in-depth understanding of their markets. In this regard, they identify the customer needs and tailor their products in line with market demands. It also essential, that they have viable ideas.
is a perfect example of a successful entrepreneur. He is also a venture capitalist and currently resides in Dallas, Texas. Popularly known as the entrepreneurs’ entrepreneur, he has successfully owned and run a chain of businesses.
Entrepreneur Marc Sparks is a renowned business expert who has helped over 60 start-ups rise to becoming huge business successes. He commands significant stakes in tech giants like Cardinal Telecom LLC, Blu Jay Wireless, and even Cobalt Real Estate Services LLC.
As a Philanthropist, he has substantially invested in the Samaritan Inn – homeless shelter. He finds it highly satisfying to give back to the community. He has also built homes in conjunction with Habitat for Humanity.