Entrepreneur the one who assumes the responsibility and the risk for a business operation with the expectation of making a profit. Most of the world’s great business leaders start with a humble beginning as young entrepreneur. An entrepreneur is basically a risk taker type of person. They are the one with bold and aggressive ideas who assumes the responsibility and risk for a business operation with the expectation of making a profit. An entrepreneur is a gambler, a risk taker. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, he or she takes the loss and starts all over again. The entrepreneur generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, he or she takes the loss. In his writings, the Austrian-American economist Joseph A. Schumpeter stressed the role of the entrepreneur as an innovator, the person who develops a new product, a new market, or a new means of production. One important example was Henry Ford. Henry Ford an American industrialist best known for his pioneering achievements in the automobile industry. Advancing age obliged Ford to retire from the active direction of his gigantic enterprises in 1945. He died on April 7, 1947, in Dearborn. In the industrialized economies of the late 20th century, giant corporations and conglomerates have largely replaced the individual owner-operator. There is still a place for the entrepreneur, however, in small businesses as well as in the developing economies of the Third World nations.