An Entrepreneur Is a Person Who Commences Projects or Activities

Introduction

An entrepreneur is a person who commences any projects or activities, which stimulate economic growth by creating, managing and developing something new or by exploiting the available resources and technologies to produce a new product. For them to do so they must be vigilant in identifying the best opportunities, they must formulate a good business plan and determine the resources with which the opportunities are to be exploited. The entrepreneur must employ efficient staff and control systems, which enable the business to function smoothly and resolve any complications quickly (Dees, 1998). Although entrepreneurs are agents of change and growth in the market economy, there are some kinds of them who make significant changes to the communities and societies by proffering innovation solutions to social problems. Just as business entrepreneurs create and transform whole industries, social entrepreneurs act as the change factors for society, seizing opportunities others miss in order to refine systems, invent and promulgate new approaches and advance sustainable solutions that create social value (Zahra et al, 2009).

According to Schumpeter, innovation need not necessarily involve creating something new, but also using existing ideas and concepts in a new venture. Therefore social entrepreneurs are agents who seek to strengthen social wealth by innovatively establishing new ventures or by effectively managing the existing ones. Unlike traditional business entrepreneurs and majority of non-profit organizations, social entrepreneurs seek to generate long-term change in the society rather than profits and small-scale results. Social entrepreneurship is about identifying the basic underlying problem and, selecting and embracing an appropriate mission that would have a persistent impact on the society. The entrepreneur must be ready to make the necessary changes by innovating new prototypes and initiating