Define the role of the entrepreneur in the U.S. economy and describe the entrepreneurial profile. Solution Irrespective of economy, the entrepreneur plays an equally important role in all economies. Entrepreneurs can come in different shapes and sizes. On one hand, we can have an entrepreneur like Peter Thiel founder of Paypal and an early investor in Facebook and on other hand, we can have thousands ( or millions ) of entrepreneur who are running mom and pop stores, fuel stations and motels. Entrepreneurs play following important role in any economy ( including US economy): 1. Job Creators: It is not the established businesses which plays a larger role in creating jobs. Its the new business and the small and medium enterprises which generates the maximum jobs. 2. Brings efficiency to the system: A new venture by an entrepreneur is nimble, identifies new but unmet needs or serve the existing needs more efficiently. The competition keeps everyone nimbles, weeds out inefficient firms and brings overall larger value to the system. 3. Market disrupters: While new entrepreneurs go for new technology or for new businesses, new job opportunities emerge. Who would have thought that positions like Data scientists, Viral marketers, E commerce, Hyper retail would have existed two and half decades before. Entrepreneurial Profile: As mentioned above , entrepreneurs can come in various shapes and sizes. Its not necessary for an entrepreneur to be a white, male, caucasian and from Bay area. Anyone who is the owner of a business is an entrepreneur. It is another matter that today entrepreneurship is more identifed with IT, however, entrepreneurship can be in any field ranging from tech to mining, retailing to space journeys. An entrepreneur is one who (1) is not status quoist and is in constant search for new ways to make existing things better, efficient and cost effective (2) who challenges exisiting norms and ways in which the world is seen (3) a risk taker and someone who is willing to stick his neck out..

1. Define the role of the entrepreneur in the U.S. economy and describe the entrepreneurial profile.
Solution
Irrespective of economy, the entrepreneur plays an equally important role in all economies.
Entrepreneurs can come in different shapes and sizes. On one hand, we can have an entrepreneur
like Peter Thiel founder of Paypal and an early investor in Facebook and on other hand, we can
have thousands ( or millions ) of entrepreneur who are running mom and pop stores, fuel stations
and motels.
Entrepreneurs play following important role in any economy ( including US economy):
1. Job Creators: It is not the established businesses which plays a larger role in creating jobs. Its
the new business and the small and medium enterprises which generates the maximum jobs.
2. Brings efficiency to the system: A new venture by an entrepreneur is nimble, identifies new
but unmet needs or serve the existing needs more efficiently. The competition keeps everyone
nimbles, weeds out inefficient firms and brings overall larger value to the system.
3. Market disrupters: While new entrepreneurs go for new technology or for new businesses, new
job opportunities emerge. Who would have thought that positions like Data scientists, Viral
marketers, E commerce, Hyper retail would have existed two and half decades before.
Entrepreneurial Profile: As mentioned above , entrepreneurs can come in various shapes and
sizes. Its not necessary for an entrepreneur to be a white, male, caucasian and from Bay area.
Anyone who is the owner of a business is an entrepreneur. It is another matter that today
entrepreneurship is more identifed with IT, however, entrepreneurship can be in any field
ranging from tech to mining, retailing to space journeys. An entrepreneur is one who (1) is not
status quoist and is in constant search for new ways to make existing things better, efficient and
cost effective (2) who challenges exisiting norms and ways in which the world is seen (3) a risk
taker and someone who is willing to stick his neck out.