Entrepreneur

ABC trust

Entrepreneur : one who assumes the
responsibility and the risk for a
business operation with the
expectation of making a profit. The
entrepreneur generally decides on the
product, acquires the facilities, and
brings together the labor force,
capital, and production materials. If
the business succeeds, the
entrepreneur reaps the reward of
profits; if it fails, he or she takes the
loss.

The Austrian-American economist
Joseph A. Schumpeter stressed the
role of the entrepreneur as an
innovator, the person who develops a
new product, a new market, or a new
means of production. One important
example was Henry Ford. In the
industrialized economies of the late
20th century, giant corporations and
conglomerates have largely replaced
the individual owner-operator. There is
still a place for the entrepreneur,
however, in small businesses as well
as in the developing economies of the
Third World nations.

.............................ABC trust