Legal Definitions - entrepreneur

Definition: An entrepreneur is someone who starts a new business or project and takes on the financial risks and responsibilities of managing it.

Example 1: Sarah wanted to start her own bakery, so she quit her job and used her savings to rent a storefront, buy equipment, and hire employees. She is now an entrepreneur.

Example 2: John saw a need for a new app that could help people track their fitness goals. He developed the app himself and launched it on the app store. He is now an entrepreneur.

Both examples illustrate the definition of an entrepreneur because they show individuals who took the initiative to start a new venture and assumed the financial risks associated with it. They also both undertook the management of their respective businesses, making important decisions and overseeing day-to-day operations.