key term - Entrepreneur’s

Definition

An entrepreneur is an individual who initiates, operates, and assumes the risk for a business venture, aiming to transform innovative ideas into economic goods or services. They play a crucial role in any economy, using their skills and initiative to anticipate needs and bring good new ideas to market.

Related terms

Franchising:

A method of doing business wherein a franchisor licenses trademarks and tried-and-true methods of doing business to a franchisee in exchange for a recurring payment, and often a percentage of gross sales or profits.

Business Plan:

A detailed document that describes in detail how a business, usually a new one, is going to achieve its goals; it lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

Risk Management:

The process of identifying, assessing, and controlling threats to an organization's capital and earnings; these risks can stem from various sources including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents, and natural disasters