Who is an entrepreneur? Discuss the qualities required to become a successful entrepreneur

An entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

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 to make the right decisions that lead to profitability. The reward for taking the risk is the potential economic profits the entrepreneur could earn.

Economists categorize the resources that go into production as either land (natural resources), labor, capital or entrepreneurship. An entrepreneur combines the first three of these to create goods or provide services. An entrepreneur typically creates a business plan, hires labor, acquires resources and financing, and provides leadership and management for the business.

Entrepreneurs commonly face many obstacles when building a business. Three common obstacles that many of them cite as the most challenging are: overcoming bureaucracy, hiring talent and acquiring financing. the riskiness of a new venture, the acquisition of financing is particularly challenging, and many entrepreneurs overcome this obstacle by bootstrapping. Bootstrapping refers to financing a business using methods such as owner funding, providing sweat equity to reduce labor costs, minimizing inventory and factoring receivables.

Qualities required to become a successful entrepreneur :

1) Creativity:

Creativity gives birth to something new. For without creativity, there is no innovation possible. Entrepreneurs usually have the knack to pin down a lot of ideas and act on them. ____ _______ ________ ________ ____ __________ _____ ___ _______ _______.
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