Who is an entrepreneur?

An entrepreneur is defined as someone who identifies an opportunity for a product or service and takes the initiative to start a new business. This involves recognizing market needs, developing innovative solutions, and assuming the risks and responsibilities associated with launching a new venture. Entrepreneurs are often characterized by their willingness to innovate, take risks, and drive change within the economy.

While managing an existing business, investing in established companies, or providing consultancy services require significant skills and could involve entrepreneurial behavior, these roles do not inherently involve the aspect of creating and starting a new business that defines entrepreneurship. The essence of being an entrepreneur lies in the creation and development of new ideas into viable business enterprises.