Entrepreneur Quick Facts
What is an Entrepreneur?
An Entrepreneur is defined as an individual who typically operates on an independent level, apart from established business or corporations; however, an Entrepreneur may both work for a business, as well as operate privately. In a general sense, an Entrepreneur is classified as a venture capitalist; this entails an individual operating with regard to the facilitation, organization, and investment in business opportunities within industries not considered to be cultivated to their fullest potential. The term ‘Entrepreneur’ is believed to be derived from the French words ‘Entre’ – meaning ‘To Enter’ and ‘Prendre’ – mean ‘To Take’.
Types of Entrepreneurship
The nature of an Entrepreneur is a vast one; this results from vast expanses of opportunities latent within this industry – however, a single method or ideology in which one becomes – or operates as – an Entrepreneur is not considered to exist. The following types of Entrepreneurial endeavors are amongst the most within the commercial marketplace:
Start-up Business Entrepreneur
A ‘Start-up’ business Entrepreneur is an individual who believes that investment and cultivation of a specific business or industry will render financial and economic gain. This ideology results from the fact that the specific Entrepreneur may believe that the industry undertaken within an investment endeavor is perceived to be absent of sufficient presence or representation within the commercial market; as a result, the following may take place with regard to this type of Entrepreneur:
Investments made to both fund and sustain a start-up business
The proliferation of marketing and advertisement campaigns
The organization of teams of fellow investors to fun the business
A ‘Turn-Key’ Entrepreneur retains its titular name from the action of simply ‘turning the key’ in order to open the door to a new business, which was typically sold ‘as is’; this results in the fact that start-up costs and funding are not applicable as a result that the business was transferred in a state considered to working and operational. In contrast to a start-up Entrepreneur, a turn-key Entrepreneur will typically acquire businesses and commercial endeavors believed by that Entrepreneur to be absent of proper management and operation – this Entrepreneur may see potential within the value or growth within that particular industry, which may involve:
An adjustment of preexisting marketing and advertising strategies
Re-staffing and Re-hiring in tandem with the adjusted management plan and ideology
The composition of an updated business plan existing in concert with the adjusted turn-key business model
The Benefits of an Entrepreneur
The United States Federal Government allows Tax Credits to qualifying commercial endeavors and Entrepreneurs responsible for the provision, substantiation, and maintenance of the employment of groups of individuals undergoing large-scale unemployment; these individuals may include Veterans of Foreign Wars, the elderly, and minors – such programs not only allow for the proliferation of employment, but also the administration of work experience, as well. As a result, an Entrepreneur engaging in either the adjustment or the foundation of a business considered to provide business opportunity and stimulation with regard to the commercial market may be eligible to receive tax credits and relief.