Attributes of an entrepreneur

Entrepreneurship and management often go hand-in-hand. However, entrepreneurship inherently begins with conceptualization or innovation. Either an entrepreneur starts a business from scratch, building an innovative business concept, or acquires a small business and transitions the operation to meet an innovative business concept. Another major distinction between entrepreneurship and management is that not all entrepreneurs desire to manage a business. Some entrepreneurs develop new business concepts or fledgling businesses in order to sell the ideas or businesses to someone else.

The entrepreneurial spirit refers to someone that is a risk-taker. An entrepreneur is someone that has a business concept who wants to turn into a profitable venture. Entrepreneurs are often visionaries, as interested in achieving success through innovative ideas as they are in making money. Entrepreneurs help drive business and society forward by perpetually expanding the bounds of what is standard or available in the business arena. This business expansion and development is vital to the success of a country's economy in the global market

ExampleMr D.H. Ambani of Reliance Industries is a perfect example of an entrepreneur. He is an innovator, who volunteers to take risk and invest money. In the process he generates jobs, solves problems, adds values and seeks excellence. This is what Mr. Ambani did and therefore he is called an Entrepreneur. The functional areas of management in Reliance Industries are Production, Finance, Marketing and Personnel in which they deal with policy execution and achieving objectives.