MAJOR COMPONENT OF AN ENTREPRENEUR

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 Here are the major component of an entrepreneur

 An entrepreneur is an individual

The first element of my definition of an entrepreneur requires that you are an individual. That is, you must be a living person. This is the easiest qualification to meet anyone alive today (over seven billion people) is already one-fifth of the way to becoming an entrepreneur. The essence of an entrepreneur is personal. Groups cannot be considered entrepreneurs, only the individual members.

An entrepreneur must start their own enterprise

The second element of my definition of an entrepreneur requires you to start your own business or nonprofit organization. The spiritual essence of an entrepreneur demands a creative presence; you must create a new product or service to sell to the world, whether it is a unique invention or your version of something else that already exists. Even if you started a business with generic products/services for example, a seafood restaurant it is your take on it that makes it unique. 

 An entrepreneur must own their own enterprise

Many definitions of the word “entrepreneur” often find a way to sneak the word “risk” into it.  Although entrepreneurship certainly comes with high risk, it is redundant to define if you include some variation of the word “ownership.” If you own your business or nonprofit organization, you already have assumed the highest risk levels. Ultimately, if the entity fails in any capacity, the owners will pay the highest price. This can usually result in huge monetary losses, starting with the organization's initial investment.

The enterprise must be a business or a nonprofit organization

The enterprise that you start, manage, and own must be a business or a nonprofit organization in order for you to be classified as an entrepreneur. Generally speaking, entrepreneurs are commonly associated with businesses, which is why I only added it to my original definition quoted previously. My updated definition of an entrepreneur includes nonprofit organizations because they also follow the same mechanics as a business; however, the key difference is where the wealth is funneled. Profits from a business are eventually directed back to its owners while profits from a nonprofit organization are directed to some other cause instead for example, to help children with cancer.


Source: https://www.entrepreneur.com/article/362629


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