Banking Term: Entrepreneur
He is an economic agent who perceives market opportunities and assembles the factor of production to exploit them in a firm. An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
- Entrepreneurs play a key role in any economy.
- These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable.
- The reward for the risks taken is the potential economic profits the entrepreneur could earn.