{"id":51,"date":"2015-04-21T20:57:13","date_gmt":"2015-04-21T20:57:13","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&p=51"},"modified":"2019-01-16T23:43:38","modified_gmt":"2019-01-16T23:43:38","slug":"reading-what-is-an-entrepreneur","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wmintrobusiness\/chapter\/reading-what-is-an-entrepreneur\/","title":{"raw":"Reading: What Is an Entrepreneur?","rendered":"Reading: What Is an Entrepreneur?"},"content":{"raw":"[caption id=\"attachment_8596\" align=\"aligncenter\" width=\"600\"]\"Photo<\/a> \"An entrepreneur is an innovator, a job creator, a game-changer, a business leader, a disruptor, an adventurer.\"\u2014Sir Richard Branson,\u00a0business magnate, investor, and philanthropist[\/caption]\r\n

What Is an Entrepreneur?<\/h2>\r\nAn entrepreneur<\/b> has traditionally been defined as \"a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.\" Rather than working as an employee, an entrepreneur runs a business and assumes all the risk and reward of a given business venture, idea, or good\/service offered for sale. The entrepreneur is commonly viewed\u00a0as an innovator\u2014a designer of new ideas and business processes. Entrepreneurs tend to be good at perceiving new business opportunities. They have a knack for discovering\u00a0new possibilities and unmet market needs, and their pro-risk-taking attitude makes them\u00a0more likely to exploit the opportunities they find.\u00a0<\/span>\r\n\r\nLet's begin\u00a0our discussion of entrepreneurs by taking a look at one: David Fox. As you'll see in the following video, for this\u00a0schoolteacher, board games aren't just a hobby\u2014they're a way of life. David Fox travels to toy fairs pitching his ideas in hopes of landing a deal that will\u00a0turn\u00a0his big dreams\u00a0into reality.\u00a0<\/span>\r\n\r\nhttps:\/\/youtu.be\/R8TTzUo8DwI\r\n
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Categories of Entrepreneurs<\/h2>\r\nNo two entrepreneurs are the same. Anyone with the\u00a0entrepreneurial spirit who is willing to go out on a limb and assume the risk of starting a new business has unique reasons and goals for doing so. That said, it is possible to broadly classify entrepreneurs into one of the following categories: lifestyle entrepreneurs, social entrepreneurs, and serial entrepreneurs.<\/span>\r\n

The Lifestyle Entrepreneur<\/h3>\r\nA lifestyle entrepreneur<\/strong>\u00a0develops a business in order to alter his or her own lifestyle, not for the sole purpose of making money. In a sense, the entrepreneur's own life\u2014as opposed to a business per se\u2014is the venture. Such individuals are focused on leading a fulfilling life and cultivating a passion for what they are doing. Unlike other entrepreneurs who develop\u00a0their businesses for financial rewards, lifestyle entrepreneurs put their passion before profits and try\u00a0to integrate their interests into their business. Of course it may happen that the business itself becomes successful due to the involvement of someone who is so passionate about what he\/she is doing.[footnote]http:\/\/www.businessdictionary.com\/definition\/lifestyle-entrepreneur.html[\/footnote] Consider, for example, an\u00a0attorney who puts in\u00a0eighty hours a\u00a0week for a multinational corporation and, for years, has little time for anything besides work. If this person\u00a0is a lifestyle entrepreneur, she might decide to leave the corporate world and establish a small law practice in a rural town, giving her\u00a0a more flexible schedule that leaves time for family and other interests.<\/span>\r\n

The Social Entrepreneur<\/h3>\r\nSocial entrepreneurs\u00a0<\/strong>are individuals who\u00a0act as agents of change for society. [footnote]http:\/\/www.businessdictionary.com\/definition\/social-entrepreneur.html[\/footnote]\u00a0Social entrepreneurs build companies that solve problems, hire people in need, or both. Celebrity chef Jamie Oliver is a good example of a social entrepreneur. In 2002 Oliver launched his company, Fifteen, to give\u00a0disadvantaged youths (aged 18\u201324) a means of creating better futures for themselves by offering culinary\u00a0training and experience. The restaurant initiative was named for the fifteen young people who originally entered apprenticeships under this program. The following information\u00a0from Fifteen's Web site describes some of the accomplishments of this social entrepreneur.\r\n
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Fifteen Cornwall: Social Entrepreneurship in the U.K.<\/h4>\r\n[caption id=\"attachment_8601\" align=\"alignright\" width=\"225\"]\"Photo<\/a> Jamie Oliver[\/caption]\r\n
The apprentice chefs are the beating heart of Fifteen Cornwall. Every young person who joins the program has at least one thing in common: potential.\r\n\r\nThe Apprentice Program, now in it\u2019s eleventh\u00a0year, consists of three months full-time training at Cornwall College, four weeks work experience in high-quality kitchens and one year in the Fifteen Cornwall kitchen. Key to its success is a unique welfare support program that helps young people access the program, stay on board, and overcome any personal barriers.\r\n\r\nCandidates must live in Cornwall; must be between 16 and 24; and must not be in employment, education, or training. This year\u2019s graduates bring to 180-plus the number of young chefs the foundation and Fifteen have successfully trained. Some have found other jobs, usually in catering, but more than\u00a080 percent are still cheffing, many in prestigious establishments.\r\n