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Question
Explain the following term/concept in detail.
Entrepreneur
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Solution
The concept of an entrepreneur varies from industry to industry and country to country, as well as from time to time. Economists never had a consistent definition of “entrepreneur” or “entrepreneurship”. The word “entrepreneur” comes from the French verb entreprendre. It means “to undertake”. An entrepreneur is “a person who starts a business and is willing to risk loss in order to make money.” The common keywords 'businesses' and ‘risk’ are interrelated. If there is no real business or risk, a person cannot be called an entrepreneur. Entrepreneurs are passionate to innovate. Lead, invent or pioneer a disruptive product or technology. The size of the business, the type of work involved, the age or the formal education of the entrepreneur, etc. does not restrict the entry of the entrepreneur. Similarly, the label of success or failure also does not matter.
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