UK Accounting Glossary
A self-motivated individual who forms, runs, and takes all the risks of starting a business.
Someone who organises a business venture and assumes the risk for it.
An entrepreneur is someone who attempts to create a new business or startup. Success as an entrepreneur is the leading path to becoming a self-made millionaire, ahead of all other paths (corporate executive, celebrity, etc.) combined. In his book Getting Rich Your Own Way, Brian Tracy says 74% of self-made millionaires are business owners! The serial entrepreneur is an entrepreneur who continually initiates another startup after the previous one is exited or dissolved. The plan of the entrepreneur to cash out of the successful startup is called an exit strategy. When seed capital is limited, as it usually is for the first-time entrepreneur, the company can be bootstrapped, meaning the entrepreneur funds it personally or uses only the cash flow from operations. Seed money given to an entrepreneur to start a new business, especially by relatives, is sometimes called love money. The word entrepreneur can be traced back to the French verb to undertake.
Magazines such as “Business Week” showcase top-earning entrepreneurs in their annual economic summaries.
Entrepreneurs are creative people who are responsible for many of the greatest ideas of the Information Age.
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This glossary post was last updated: 9th February 2020.