Despite the widespread recognition that entrepreneurs are essential to a healthy economy, there is no simple definition of an entrepreneur. The term is used broadly to describe anyone who runs a business, assuming significant risk in pursuit of their vision. That can include everything from moms who invent a gadget to launch lifestyle blogs to retirees who turn their years of experience into coaching or consulting businesses.

An entrepreneur’s success is tied to their ability to identify and address a pain point for their customers. They then develop a solution to that problem, and are then responsible for making sure their product or service meets the needs of consumers. It is important for entrepreneurs to have a high tolerance for risk, and be able to evaluate the risks of starting a new business and make decisions accordingly.

To reduce the risk of starting a business, entrepreneurs create a business plan. A business plan is an overview of your goals, including details on how you think you will achieve them. It also helps you to understand your market and the competition you are facing.

Entrepreneurs can be found in every sector of the economy. They are the people who bring new products and services to the marketplace, often disrupting existing industries in the process. Whether they are hairdressers, grocery store owners, carpenters or a blogger, there is one thing all of them have in common: they have the courage and drive to take on risk in order to pursue their dreams.