Entrepreneurs are people who establish new businesses by developing and implementing unique ideas. They take risks to create and manage profitable businesses by utilizing limited resources. Entrepreneurship typically starts with an idea or concept for a product or service that motivates an individual to transform that idea into a profitable business.
However, many businesses fail during the initial stages because entrepreneurs cannot go through with their ideas or lack the skills, expertise, and experience to take a company to new heights. Innovation is also essential for successful entrepreneurship because new products and innovations are necessary for a successful business. Entrepreneurs develop and run businesses with limited resources while fulfilling market demands and customer needs.