Entrepreneur word derived from the French verb entreprendre (to undertake) and is used to describe someone who starts a new business, assumes risk and takes chances in order to make money. Entrepreneurs are often known as innovators, disruptors and game changers who take the lead in advancing society with unique inventions that reduce dependence on existing methods and systems, sometimes rendering them obsolete. They are also socially responsible, using their wealth to invest in community projects that benefit people beyond their own businesses.
Throughout history, entrepreneurs have been the driving force behind major economic change. They have increased a nation’s GDP, created employment opportunities and brought innovation to existing industries by introducing products or services that improve efficiency or increase productivity. Successful entrepreneurs have a passion for their ideas and are not afraid to take risks in pursuit of their dreams.
An entrepreneur can be a small or medium-sized business that aims to capture market share with a product or service, and often seeks high profits and rapid growth. This type of entrepreneurship requires considerable investment and is typically carried out by a single person who assumes financial risk. It can be found in sectors such as technology, healthcare and consumer products.
Entrepreneurship was first formally defined by Irish economist Richard Cantillon in his 1755 essay, The Nature of Commerce in General. Cantillon developed a theory of the economics of entrepreneurial activity that became the basis for modern economic theories. Jean-Baptiste Say, who introduced the term l’entrepreneur d’industrie in his 1800 Treatise on Political Economy, expanded its meaning from Cantillon’s original literal translation of “one who undertakes” to include the concept of value creation.