An entrepreneur is a person who starts a new enterprise or arranges deals, and is accountable for the inherent risks and outcome of a product.
Types of Entrepreneurs
Social Entrepreneurs are dedicated to improve and transform social, environmental, educational and economic conditions. They do not accept the world as it is and challenge status quo. Rather than driven by the desire for profit, social entrepreneurs are driven by the desire to address social and economic problems like poverty and educational deprivation. Social entrepreneurs seek to develop innovative solutions to solve global and local problems, adding value through the improvement of goods and services. Many social entrepreneurs aim at turning their businesses to non-profit organizations that can benefit the society as a whole.
Serial Entrepreneurs continuously comes up with new ideas and starts new businesses. Serial entrepreneurs are more likely to repeat their business success due to the rich entrepreneurial experiences they have accumulated.
Lifestyle Entrepreneurs integrate their personal interests with the ability to earn a living. Instead of planning exit strategies, the lifestyle entrepreneurs choose business models intended to grow businesses in the long-term whereby they can develop their interests and expertise at the same time. They also tend to keep their venture fully within their own control and carry on running their businesses, placing passion before profit.
Creativity and leadership are the two main attributes an entrepreneur should possess. The entrepreneur creates value by developing innovative solutions. This requires them to generate new ideas and concepts, and take actions to turn these thoughts into new products and services. The entrepreneur leading the business demonstrates leadership qualities by selecting the right managerial staff. Management skills and team building skills are essential to an entrepreneur because they enable the entrepreneur to form a strong management team and draw out the potential of the team. Besides creativity and leadership, an entrepreneur should also possess important attributes such as hardworking, persistent, good communication and a balanced life.