For the practice of starting a new organization see Entrepreneurship. For the magazine see Entrepreneur (magazine). This article's citation style may be unclear. The references used may be made clearer with a different or consistent style of citation footnoting or external linking. (January 2011)

An entrepreneur is a person who has possession of a new enterprise venture or idea and is accountable for the inherent risks and the outcome.note 1 The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome. Jean-Baptiste Say a French economist is believed to have coined the word "entrepreneur" in the 19th century - he defined an entrepreneur as "one who undertakes an enterprise especially a contractor acting as intermediatory between capital and labour".note 2 A broader definition by Say: "The entrepreneur shifts economic resources out of lower and into higher productivity and greater yield."clarification needed Contents 1 Leadership attributes 2 Influences personality traits and characteristics 3 Types of entrepreneurs 3.1 Social entrepreneur 3.2 Serial entrepreneur 3.3 Lifestyle entrepreneur 4 See also 5 Notes 6 References 7 Further reading 8 External links Leadership attributes

The entrepreneur leads the firm or organisation and also demonstrates leadership qualities by selecting managerial staff. Management skill and strong team building abilities are essential leadership attributes for successful entrepreneurs. Scholar Robert. B. Reich considers leadership management ability and team-building as essential qualities of an entrepreneur. This concept has its origins in the work of Richard Cantillon in his Essai sur la Nature du Commerce en (1755) and Jean-Baptiste Say note 3 in his Treatise on Political Economy.

Entrepreneurs emerge from the population on demand and become leaders because they perceive opportunities available and are well-positioned to take advantage of them. An entrepreneur may perceive that they are among the few to recognize or be able to solve a problem. Joseph Schumpeter saw the entrepreneur as innovators and popularized the uses of the phrase creative destruction to describe his view of the role of entrepreneurs in changing business norms. Creative destruction encompasses changes entrepreneurial activity makes every time a new process product or company enters the market. Influences personality traits and characteristics

The most significant influence on an individual's decision to become an entrepreneur is workplace peers and the social composition of the workplace. This article may be confusing or unclear to readers. Please help clarify the article; suggestions may be found on the talk page. (June 2011)

Entrepreneurs also often possess innate traits such as extroversion and a propensity for risk-taking.1 According to Schumpeter an entrepreneur characteristically innovates introduces new technologies increases efficiency productivity or generates new products or services. An entrepreneur acts as a catalyst for economic change and research indicates that entrepreneurs are highly creative individuals who imagine new solutions by generating opportunities for profit or reward.2

There is a complexity and lack of cohesion between research studies that explore the characteristics and personality traits of and influences on the entrepreneur. Most studies however agree that there are certain entrepreneurial traits and environmental influences that tend to be consistent. Although certain entrepreneurial traits are required entrepreneurial behaviours are dynamic and influenced by environmental factors. Shane and VenKataraman (2000) argue the entrepreneur is solely concerned with opportunity recognition and exploitation; however the opportunity that is recognised depends on the type of entrepreneur which Ucbasaran et al. (2001) argue there are many different types dependent on their business and personal circumstances.citation needed

Psychological studies show that the psychological propensities for male and female entrepreneurs are more similar than different. Perceived gender differences may be due more to gender stereotyping.3 There is a growing body of work that shows that entrepreneurial behavior is dependent on social and economic factors. For example countries which have healthy and diversified labor markets or stronger safety nets show a more favorable ratio of opportunity-driven rather than necessity-driven women entrepreneurs. Empirical studies suggest that women entrepreneurs possess strong negotiating skills and consensus-forming abilities.4

New research regarding the qualities required for successful entrepreneurship is ongoing with work from the Kauffman Foundation forming the statistical basis for much of it. Types of entrepreneurs Social entrepreneur

A social entrepreneur is motivated by a desire to help improve and transform social environmental educational and economic conditions. Key traits and characteristics of highly effective social entrepreneurs include ambition and a lack of acceptance of the status quo or accepting the world "as it is". The social entrepreneur is driven by an emotional desire to address some of the big social and economic conditions in the world for example poverty and educational deprivation rather than by the desire for profit. Social entrepreneurs seek to develop innovative solutions to global problems that can be copied by others to enact change.5 Social entrepreneurs act within a market aiming to create social value through the improvement of goods and services offered to the community. Their main aim is to help offer a better service improving the community as a whole and are predominately run as non profit schemes. Zahra et al. (2009: 519) said that social entrepreneurs make significant and diverse contributions to their communities and societies adopting business models to offer creative solutions to complex and persistent social problems. Serial entrepreneur A serial entrepreneur is one who continuously comes up with new ideas and starts new businesses.6 In the media the serial entrepreneur is represented as possessing a higher propensity for risk innovation and achievement.7 Serial entrepreneurs are more likely to experience repeated entrepreneurial success. They are more likely to take risks and recover from business failure.8 Lifestyle entrepreneur A lifestyle entrepreneur places passion before profit when launching a business in order to combine personal interests and talent with the ability to earn a living. Many entrepreneurs may be primarily motivated by the intention to make their business profitable in order to sell to shareholders.examples needed In contrast a lifestyle entrepreneur intentionally chooses a business model intended to develop and grow their business in order to make a long-term sustainable and viable living working in a field where they have a particular interest passion talent knowledge or high degree of expertise. 9 A lifestyle entrepreneur may decide to become self-employed in order to achieve greater personal freedom more family time and more time working on projects or business goals that inspire them. A lifestyle entrepreneur may combine a hobby with a profession or they may specifically decide not to expand their business in order to remain in control of their venture. Common goals held by the lifestyle entrepreneur include earning a living doing something that they love earning a living in a way that facilitates self-employment achieving a good work/life balance and owning a business without shareholders.further explanation needed Many lifestyle entrepreneurs are very dedicated to their business and may work within the creative industries or tourism industry10 where a passion before profit approach to entrepreneurship often prevails. While many entrepreneurs may launch their business with a clear exit strategy a lifestyle entrepreneur may deliberately and consciously choose to keep their venture fully within their own control. Lifestyle entrepreneurship is becoming increasing popular as technology provides small business owners with the digital platforms needed to reach a large global market.11 Younger lifestyle entrepreneurs typically those between 25 and 40 years old are sometimes referred to as Treps. 12 See also Entrepreneurship education Erasmus for Young Entrepreneurs Factors of production Infopreneur Operational risk Venture capital Notes Sullivan Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River New Jersey 07458: Pearson Prentice Hall. pp. 6. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfmlocatorPSZ3R9&PMDbSiteId2781&PMDbSolutionId6724&PMDbCategoryId&PMDbProgramId12881&level4.  Guide to Management Ideas and Gurus Tim Hindle The Economist page 77 See William J. Baumol Robert E. Litan & Carl J. Schramm. Good capitalism bad capitalism and the economics of growth and prosperity 3 (2007) citing generally Peter F. Drucker. Innovation and entrepreneurship (1985) (attributing coining and defining of entrepreneur to Jean-Baptiste Say a treatise on political economy (1834)); but see Robert H. Brockhaus Sr. The Psychology of the Entrepreneur in Encyclopedia of Entrepreneurship 40 (Calvin A. Kent et al. eds. 1982) citing J. S. Mill Principles of political economy with some of their applications to social philosophy (1848). Note that despite Baumol et al.'s citation the Drucker book was published in 1986. References Nanda R and Sorensen J (2008) Workplace Peers and Entrepreneurship - Harvard Business School - page 21 Deakins and Freel 2009 "Female and male entrepreneurs: Psychological characteristics and their role in gender-related discrimination". Journal of Business Venturing 5: 2936. October 1990. http://econpapers.repec.org/article/eeejbvent/v3a53ay3a19903ai3a13ap3a29-36.htm.  Women Entrepreneurs: How They Fare Across the Globe and Why Harvard Business Publishing Presents: An interview with John Elkington - Key Traits of Social Entrepreneurs.. Business dictionary definition Serial Entrepreneur Quotes Wall Street Journal Online Wadhwa Vivek. "Is entrepreneurship just about the exit". http://techcrunch.com/2010/06/12/is-entrepreneurship-just-about-the-exit/. Retrieved 12 June 2010.  Peters M Frehse J Buhalis D The importance of lifestyle entrepreneurship: A conceptual study of the tourism industry PASOS Vol. 7 No. 2 p393-405 2009 Rural Entrepreneurs Case Studies. "Ecommerce as a business strategy: lessons learned from rural and small town businesses". http://www.ruraleship.org/site/images/research/cp/cs/cs7.pdf. Retrieved 12 June 2010.  Goodman Vivian. "TREPS: The Young Titans of the New Economy". http://www.wksu.org/news/features/familyseries/trepstranscript.html. Retrieved 17 February 2011.  Further reading Deakins D.; Freel M. (2009). Entrepreneurship and Small Firms 5th Edition. McGraw Hill. Gartner William B. (2001). "Is There an Elephant in Entrepreneurship Blind Assumptions in Theory Development.(Business research)" Entrepreneurship Theory and Practice Summer 2001. Minniti Maria; Lvesque Moren. "Entrepreneurial types and economic growth" Journal of Business Venturing 2010 vol. 25 issue 3 pages 305-314 . Shane S.; Venkataraman S. (2000). "The Promise of Entrepreneurship as A Field of Research" Academy of Management Review Vol 25 (1) 217-226. Ucbasaran D. Westhead P. and Wright M. (2001). "The Focus of Entrepreneurial Research: Contextual and Process Issues" Entrepreneurship Theory and Practice Summer 2001. Zahra Gedajlovic Neubaum Shulman (2009). "A typology of social entrepreneurs: Motives search processes and ethical challenges" Journal of Business Venturing 24 (5) pp. 519532. External links Entrepreneurship at Wikibooks. The Wiktionary definition of entrepreneur