Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame, and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.

KEY TAKEAWAYS

• A person who undertakes the risk of starting a new business venture is called and entrepreneur.
• An entrepreneur creates a firm, which aggregates capital and labor in order to produce goods or services for profit.
• Entrepreneurship is an important driver of economic growth and innovation.
• Entrepreneurship is high-risk, but also can be high-reward as it serves to generate economic wealth, growth, and innovatio