Develop an understanding of entrepreneurship as a crucial part of business development, and enhance your ability apply entrepreneurial principles to achieve business success and innovation.
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What is an Entrepeneur?
Entrepreneurs try to identify and meet a need for a product or service. Entrepreneurs come from all types of backgrounds, may be of any age, and create all kinds of businesses. Some own small businesses, while others own huge ones. Entrepreneurs try to identify the needs of the marketplace and to meet those needs by supplying a service or product. When they succeed, their businesses flourish and the profits go to them. When they fail, their companies decline and they may have to go out of business.
Entrepreneurship benefits the economy by filling unmet needs and increasing productivity. In many cases, the historical entrepreneurs started businesses that are today large corporations. Entrepreneurs assume risk. This makes them different from employees, who work for someone else. Both may make decisions, but only the entrepreneur is directly and wholly affected by the consequences of those decisions.
