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(1) An innovator or developer who recognises and seizes opportunities; converts these opportunities into workable/ marketable ideas; adds value through time,effort,money or skills; assumes the risks of the competitive marketplace to implement these ideas; and realises the rewards from these efforts. (2) An individual who organises and manages labour, capital and natural resources to produce goods and services to earn a profit,but who also runs the risk of failure.

Cover of Frederick, O'Connor, Kuratko (2019), Entrepreneurship Theory Process Practice (Melbourne: Cengage)Glossary term from Asia-Pacific edition of Entrepreneurship Theory Process Practice (Melbourne: Cengage, 2019)

Synonyms:
entrepreneurs