Chapter 1

Introduction To Entrepreneurship

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Chapter 5


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What Is An Entrepreneur?

The word “entrepreneur” means “almost anyone involved in some type of business, and running and managing that business".

An entrepreneur is thus anyone who, through hard work and long hours, generates business success for him or herself within the specific business that they started. Today, entrepreneurs are considered to be the ‘heroes of free enterprise’, since innovation and creativity has helped many to build enterprises from entrepreneurial ideas.

By this definition, it does not matter what size the business is at all. What is important to remember is that entrepreneurs are people with the ability to identify an opportunity and have the ability to create and grow a business into a successful and sustainable one. The most interesting differentiating factor between entrepreneurs and non-entrepreneurs is that the entrepreneur has an innate ability to recognise opportunities for a new product or service where someone who does not have an entrepreneurial orientation, would not. The entrepreneur is the one who is constantly identifying inefficiencies in various circumstances and asking the question of why someone has not invented something to improve a product or service.

The entrepreneur is prepared to take calculated risks to sell the product or services whereas someone who does not have an entrepreneur’s mind set would be very conservative with the amount of time and money he is willing to invest in the new idea. It is also very difficult for someone without an entrepreneurial orientation to, for example, consider leaving their permanent places of employment to exploit an entrepreneurial opportunity.

So the entrepreneur is an individual who deals with uncertainty and generates innovation. He or she has acquired, through education and/or life experiences, the skills and the courage to take advantage of their unique insight. The entrepreneur possesses a willingness to accept risk and to work exceptionally hard in order to succeed.