An entrepreneur has been defined as "a person who initiates, organizes and manages any company, especially a business, usually with considerable initiative and risk." Instead of working as an employee, an entrepreneur runs a small business and assumes all risks and risks. Reward of a business, idea, or service offered for sale The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. "Entrepreneurs tend to be good at perceiving new business opportunities and often show bias Positive in their perception (ie a bias towards finding new possibilities and seeing unmet market needs) and an attitude of risk that makes them more likely to exploit the opportunity.
An entrepreneur usually has control of a business enterprise, directing the factors of production - the human, financial and material resources - that are necessary to exploit a business opportunity. They act as the manager and oversee the launch and growth of a company. Entrepreneurship is the process by which an individual (or team) identifies a business opportunity and acquires and deploys the resources necessary for its exploitation. The exploitation of business opportunities can include actions such as developing a business plan, hiring human resources, acquiring financial and material resources, providing leadership and being responsible for the success or failure of the company. Economist Joseph Schumpeter (1883-1950) stated that the entrepreneur's role in the economy is "creative destruction", launching innovations that simultaneously destroy old industries and at the same time introduce new industries and approaches. For Schumpeter, the changes and the "dynamic imbalance provoked by the innovative entrepreneur ... [are] the" norm "of a sound economy."