Essay on the Concept and Characteristics of an Entrepreneur

This essay defines an entrepreneur as an individual who leads new ventures, taking on significant risks while seeking maximum rewards. It explores the views of economists like Joseph Schumpeter, highlighting characteristics such as self-reliance, the drive for excellence, optimism, and risk tolerance. The essay examines how entrepreneurs play a vital role in the economy by anticipating needs and bringing new ideas to market. It discusses various perspectives on entrepreneurs, including their role as innovators, initiators, leaders, and organizers. The essay emphasizes that while not every small business owner is an entrepreneur, the latter possesses the talent to transform opportunities into profit-making businesses, and concludes with the understanding that entrepreneurs contribute effectively to the economy by grabbing market opportunities and promoting competition and development. The essay uses multiple academic references to support the definition.

Business Entrepreneur
9/6/2019

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What is an Entrepreneur?
An entrepreneur is an individual who leads to the new corporate, dealing with maximum of
the risk and enjoy maximum rewards in the economy. The entrepreneur is normally found as
an innovator, who brings the new thoughts for the products and services or for any kind of
procedures. In the views of economist, Joseph Alois Schumpeter (1883-1950) entrepreneurs
are not required to encourage by revenue but regard it as the standard for evaluating
achievement or accomplishment (Masurel and Masurel, 2019). Schumpeter also discovered in
there research that entrepreneur are equipped with some skills which include: -
 Greatly value with the self-reliance
 Struggle for the difference through the excellence
 Entrepreneurs are extremely optimistic
 Continuously support the issues of the average sort of risk
In the dynamic environment, the entrepreneurs are the one who perform the vital role in the
economy by making the effective utilization of the initiative as well as skills that are required
to anticipate the needs and leads to the new good ideas to the market (Barreto, 2013).
However, different people in the market have different meaning for the entrepreneurs. Some
of the people says that entrepreneurs are the one who prove to be successful in opening the
start-up which involves the risk factor that are rewarded with fame, continued growth
opportunities, profits and many others. Some of them get fail in their new start-up due to
which they suffer the high losses and become less predominant in the global market. In the
research, it has been found that entrepreneur works as a starter who works as an initiator,
challenger as well as driver. Entrepreneur is someone that leads to something new which can
be initiative, a firm, project or any activities. It has been found that might be entrepreneur is

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not the ideator but definitely they have the potential to convert the idea into the reality
(Baum, Frese and Baron, 2014).
Some of the economist, entrepreneurs is driver who is a person in charge that includes leader
as well as individual to look towards leadership. Entrepreneur is one who pushes the team to
look forward as well as inspire them to follow. In this entrepreneur has ability to alteration
track, measured down or even stop venture (Poschke, 2013). On the other hand, entrepreneur
is accountable for their destiny in the new venture that can be a company, project, and many
other. The person who works as entrepreneur is one who has uppermost stakes at venture that
means that requirements to be authorized to completely straight the attempt. It can be said
that entrepreneur is a person who operate as well as organise the corporate or different
industries taking the higher than the normal financial risks in order to change the impression
into reality (Matlay, Rae, Audet and Couteret, 2012).
In addition, this has been said by many economists that entrepreneur is a person who begins
with the new business venture. While, on the other hand it has been found that every
entrepreneurs is small business owner but on the same side not every small business owner is
considered as an entrepreneur (Kaptein, 2019). The person who has the talent for seeing
occasions with all the skills to form those opportunities into profit-making businesses is
entrepreneur. For instance; American P. T. Barnum is well-known entrepreneurs across the
world. This entrepreneur an American showman as well as the businessman who remembered
for generating the awareness about the celebrated hoaxes as well as for founding the Barnum
& Bailey Circus.
In further research, economist-speak that entrepreneur is the one who actions as a organizing
mediator in the capitalist economy. This coordination takes form of the assets that are being
unfocused near the new possible chances for the profit in market. The entrepreneurs are one

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of major element that moves the different resources which include both the intangible as well
as tangible and promote the capital formation. In market of uncertainty, the entrepreneur is
one who takes the responsibility of clearing up the uncertainty that is present within the
market. To the extent that entrepreneurship is one of the self-motivated scheme of profit and
loss that makes the entrepreneurs to effort the efficient constantly as well as discovery reveal
knowledge (Matlay, Rae, Audet and Couteret, 2012). Entrepreneurs open their firms through
which they found that lead to the rise in the competition among the market which leads to the
rise in the research and development opportunity for the different companies in the market. It
has been found in the end an entrepreneur is one who grab the opportunity in the market but
in the eyes of different economist they are the one who contribute effectively within the
economy.

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References
Barreto, H. (2013) The entrepreneur in microeconomic theory: Disappearance and
explanaition. Routledge.
Baum, J.R., Frese, M. and Baron, R.A. (2014) Born to be an entrepreneur? Revisiting the
personality approach to entrepreneurship. In The psychology of entrepreneurship (pp. 73-98).
Psychology Press.
Kaptein, M. (2019) The moral entrepreneur: A new component of ethical leadership. Journal
of Business Ethics, 156(4), pp.1135-1150.
Masurel, E. and Masurel, E. (2019) Theoretical Background of Entrepreneurship', The
Entrepreneurial Dilemma in the Life Cycle of the Small Firm.
Matlay, H., Rae, D., Audet, J. and Couteret, P. (2012) Coaching the entrepreneur: features
and success factors. Journal of Small Business and Enterprise Development.
Poschke, M. (2013) Who becomes an entrepreneur? Labor market prospects and occupational
choice. Journal of Economisc Dynamics and Control, 37(3), pp.693-710.