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An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business.
Differ from many small-business owners in their strong desire to make their business grow .
Differ from managers through their overriding responsibility to use the resources of the organization to accomplish their goals.
Willing to take risks.

Classic Entrepreneurs identify business opportunities and allocate available resources to tap those markets.
Serial Entrepreneurs start one business, run it, and then start and run additional businesses in succession.
Social Entrepreneurs recognize a societal problem and use business principles to develop innovative solutions.

Being Your Own Boss
Self-management is the motivation that drives many entrepreneurs.
Make all important decisions.
Engage much of the communication related to your business (See Business Etiquette)
Financial Success
Entrepreneurs are wealth creators.
Many start their ventures with the specific goal of becoming rich —or at least financially successful.

Job Security
Over the past ten years, large companies have eliminated more jobs than they have created.
Quality of Life
Starting a business gives the founder some choice over when, where, and how to work.
A lifestyle entrepreneur is a person who starts a business to gain flexibility in work hours and control over his or her life.
But this does not mean working fewer hours or with less intensity. Generally it is the opposite — people who start their own businesses often work longer and harder than ever before, at least in the beginning.

Factors supporting and expanding opportunities for entrepreneurs

The rapid globalization of business has created many opportunities for entrepreneurs.
Entrepreneurs market their products abroad and hire international talent.
Among the fastest-growing small U.S. companies, almost two of every five have international sales.

Education
100 U.S. colleges and universities offer entrepreneurship majors.
Universities are helping students launch businesses.
Many programs teach entrepreneurship to young people.
Information Technology
Technology has given entrepreneurs tools that help them compete with large companies.
Information technology helps entrepreneurs work quickly and efficiently, provide immediate and attentive customer service, increase sales, and project professional images.
Social networking has further transformed the business environment for entrepreneurs. According to a recent study, more than 90 percent of successful companies now use at least
New terms: Infopreneurship, Homepreneurship, Telecommuting

Aging of U.S. population.
Emergence of Hispanics as nation’s largest ethnic group.
Growth of two-income families.
Examples:
• Convenience products for busy parents, foods that cater to ethnic preferences, and services designed specifically for older consumers all enjoy an opportunity for success.
• During times when consumers are less willing to spend money, a shoe-repair shop is likely to have an increase in business.

Vision - entrepreneurs begin with an overall idea for how to make their business ideas successful
High Energy Level - a willingness to work hard
Need to Achieve - entrepreneurs work hard because they want to excel
Self-Confidence - fearlessness in the face of difficult odds
Tolerance for Failure - entrepreneurs are not easily discouraged
Creativity - entrepreneurs devise innovative ways to overcome difficult problems and situations
Tolerance for Ambiguity - entrepreneurs take in stride uncertainties
Internal Locus of Control - entrepreneurs believe they can control their own fates

Selecting a Business Idea
Find something you love to do and are good at doing
Can your idea satisfy a need in the marketplace?
Entrepreneurs must be sure that the idea they choose has interest in the marketplace.
Business Plan

Advantages:
Established customers
Deal with familiar suppliers
Good/service known in marketplace
Necessary permits and licenses are already secured
Financing may be easier
Seller financing

Advantages:
Less risky than establishing entirely new firm
Firms in franchises showing growth include those targeting children and parents (i.e. photography, tutoring, security)

58% of the most recent Inc. CEOs did not create a formal written plan.
But business plans do help entrepreneurs prepare enough resources and stay focused on key objectives.

Seed capital
Debt Financing
Credit Cards
Family and Friends
Bank Loans (SBA backed)
Equity Financing
Venture Capitalists
Angel Investors

Promoting innovation within organizational structures
An idea to promote creativity
Companies promote in a variety of ways
Skunkworks
Access to resources