Traditionally, the term refers to a person who has a business idea and is willing to take a risk to implement that idea, taking the role of the leader of the company or organization and assuming full responsibility for its execution, success, or failure. A more modern interpretation of the term usually associates entrepreneurship with innovative ideas and conjures up ideas of creativity and inventiveness. The term usually refers to someone will typically be in charge of the entire business, including all employees and will oversee all departments or aspects of the business.
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There are various types. The most common one is recognized in the business world as having an idea and putting it into action. It will usually refer to a business idea and is usually a new or different idea, something that has not been seen before, or something that provides a new twist on an existing sector. A social entrepreneur is someone who has innovative ideas for social change, or new solutions to social problems and dedicates their time to these ideas. This might include addressing issues of inequality or poverty, or creating a new charity to address such issues. A serial entrepreneur refers to someone who has a lot of ideas and constantly starts up new companies or enterprises to implement these ideas. Generally a serial entrepreneur will have achieved good success or successes with previous ventures, allowing him/her to start up new ventures. A lifestyle entrepreneur refers to someone who starts up their idea or venture based on something they are passionate about - such as a sporting venture relating to their favourite sport. For this type of venture, usually large start-up costs are required and often people who have been successful in the business world might make this transition to get involved in something they are highly passionate about.
Skills and attributes required include:
To be successful, it is important to have experience and knowledge relating to how a successful business is run. This should include industry-specific knowledge, relating to the relevant industry and also covering the broader industry of business and entrepreneurship. Experience working in a business is highly desirable as this will provide a good foundation upon which to build the idea and the business. A clear business plan with goals and targets will help to direct the idea into action and careful consideration of costs and understanding of profits and business accounting will be beneficial. Any kind of business background will help to create a successful venture, but in the case of an outstanding idea and no business experience, employing close advisors, with the relevant experience, who can guide the idea in the right direction will help make it successful.
There is no specific qualification that makes someone an entrepreneur. Often it is the personal attributes that enable the person to be successful rather than their specific experience in the business world. A good idea and a well-executed plan are often all that is required to create a successful venture.
Generally the workplace will be office-based, but it may vary. The size of the workplace will depend on the size of the venture and may start in a small office and grow to a large corporation. For some ventures, the workplace will be dependent on the specific idea or industry, for example a sporting venture may require a sports facility and this would serve as the workplace. The workplace will be dependent on the venture or idea itself and will have to be carefully designed to fulfil all the requirements of the business.
A successful entrepreneur will usually serve as a CEO or President of the company, or at the very least serve on the company's board. The salary will depend on the success of the company. A successful company would generally pay a CEO a six-figure sum, perhaps in the high end of this bracket if the company is especially successful. As founder of the company, a percentage of the profit may supplement the salary in the form of a bonus and again this would depend on the success of the company. In some instances while the company is being set up and developed, there may be no money to take out of it, or just a very small salary, so the salary is very much dependent on the size of the company, the success of the venture and the overall aim of the enterprise.