The word entrepreneur is often used as a synonym for small business owner or manager. The word, however, has a more precise meaning, which is critical to the world of small business and to economic development. It is the policy of the Hawai`i SBDC Network to use the word as defined by Howard Stevenson at Harvard University, who was one of the pioneers of entrepreneurial studies. He wrote: An entrepreneur is a person who takes advantage of market opportunities without regard for the availability of resources.
This definition makes market opportunity the central event, which in turn places the needs and desires of the client as the driver of business activity. It also recognizes that resources can be obtained and should not be a determining factor when opportunity is present. Finally, it is premised on the notion that risk is the essence of business.