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Entrepreneur

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Woman Business Owner in Front of Bridal Shop

New Entrepreneur

Image (c) Ariel Skelley / Getty Images

Definition:

Essentially, an entrepreneur is a person who starts a new business venture.

However, we tend to think of entrepreneurs as people who have a talent for seeing opportunities and the abilities to develop those opportunities into profit-making businesses. For example, American P. T. Barnum is perhaps one of the world's most famous entrepreneurs. At one point, Barnum had signs posted in his Museum stating, "This Way to the Egress!" Excited visitors who followed the signs ended up outdoors - necessitating going back to the front of the Museum and paying another entrance fee if they wanted to continue their tour!

Are entrepreneurs born or made? The debate still rages, but the current consensus is that successful entrepreneurs share a constellation of personality traits. In other words, some people are naturally more entrepreneurial than others.

A common misperception about entrepreneurs is that entrepreneurs are wild risk-takers. Entrepreneurs do take risks, but only calculated ones. One of the abiliities successful entrepreneurs share is the ability to evaluate risks.

If you're wondering whether or not you have what it takes to be an entrepreneur, see:

Thinking of Starting a Small Business?

Characteristics of a Successful Entrepreneur

Character Traits of a Successful Small Business Owner

From Employee to Self-Employed

But remember, you don't need to have all the traits associated with entrepreneurship to be a successful entrepreneur. The main quality you need is a determination to make your business venture succeed. The rest of the qualities necessary to being a successful entrepreneur you can learn.

Also Known As: Often used as a synonym for a business person.

Common Misspellings: Entrpreneur, Entraprenur, Entreprenuer.

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