The word entrepreneur stands to refer to a person who visualises, starts, administers, coordinates, overseas and accepts the risks of a business activity. The word entrepreneur is a comprehensive term and takes in it three principal activities namely 1) innovating and establishing a business venture; 2) administering and assuming the associated risks and challenges; and 3) financial management including investing and reaping profits. Having understood the three principal domains of entrepreneurial activity we shall now analyse the different terms that are synonymous with the term ‘entrepreneur’ partly if not completely.
One of the dimensions of entrepreneurship is innovating, establishing and entering into a business venture. Some of the equivalent terms in this regard include business person, executive, contractor, agent, merchant or a founder industrialist.
The next dimension of an entrepreneur’s activities includes managing the business and its associated challenges. In this connection some of the related terms include managing director, enterpriser, backer and administrator.
The third dimension to entrepreneurial activity includes investing and managing the financial aspects of the business. Therefore, some of the related terms can be investor, capitalist and financier.
In addition to looking from these three angles, we can also cull out some general terminologies that give similar meaning. The list can include words like speculator, tycoon, director, magneto, impresario and promoter.
The word entrepreneur is one of the most profound words in English endowed with a rich meaning. Mainly entrepreneurship is venturing into a business activity in order to make profit. In this process, an entrepreneur innovates the ideas and implements them besides assuming the risks and challenges connected to it.