What is an Entrepreneur?

An entrepreneur may be a person who recognizes an unmet need in the market and develops a way to satisfy that need for profit. An entrepreneur may be someone who, through necessity, creates a small business to generate an income.

Success in entrepreneurship requires many things: drive, ambition, tenacity, intelligence, market knowledge, technical skill and, some would say most important, the mastery of business management tools that can make or break a small business.

Why is entrepreneurship important?

Almost one million new businesses are started each year in the United States. Most succeed, many fail. Many of the failures are the simply the result of a lack of business knowledge. The use of innovations in technology, processes, marketing can take them in new directions. Professionals with advanced degrees said if they had the opportunity to obtain knowledge about how to run a business, there rate of success would increase.

Entrepreneurship, an important feature of economic growth and adaptation, is a major activity in the United States. About 18 million in the U.S. were actively engaged in starting or managing a new firm in 2004. The U.S. continues to be a major-but not the largest-source of global entrepreneurial activity. It is importance for new firm creation to the future of the U.S. economy.