Entrepreneur (Economics)

An entrepreneur is someone who creates a company based on an idea. For the entrepreneur to succeed, the company must succeed. Meaning, it must become profitable. Entrepreneurs face many challenges in their endeavor, which include finding startup funds, identifying and selling to a viable customer base, weathering downturns, and competition.

If the business succeeds, jobs will be created and there will be a net increase to the local economy. Depending on how large the business becomes, the contribution to overall GDP can be significant. Entrepreneurship is high-risk but can also be high-reward if the entrepreneur succeeds.

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