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Answer :
Final answer:
An entrepreneur is an innovative and risk-taking individual who starts and manages their own business, often as a sole proprietorship.
Explanation:
An entrepreneur is a typically innovative and risk-taking individual who starts and manages their own business. They are engaged in a market economy, hiring workers, acquiring resources, and undertaking the creation of goods and services. Entrepreneurs must make significant decisions, shoulder any potential losses, and with success, earn 'entrepreneurial profit.' As they are often the ones starting new businesses, many choose to organize as sole proprietorships, where they are solely responsible for the business's debts and liabilities as well as its profits. They are recognized for their willingness to risk failure to achieve a competitive position in the marketplace and introduce novel or improved products or services.
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