John Melley of Virginia Takes Risks as Well as Profits
Entrepreneurs such as John Melley of Virginia design, launch and run new businesses, generally starting small or as a startup and offering products, services or processes for sale or rent. Entrepreneurship has been defined as “…the capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit.” The high risks in launching and running a small business are evident in the high proportion of businesses which close due to “…lack of funding, bad business decisions, an economic crisis — or a combination of all of these.”
More recent and evolving notions of entrepreneurship attempt to explain how and why certain individuals, like John Melley of Virginia, are able to identify business opportunities, evaluate them accurately, and then take advantage of those business possibilities. Entrepreneurship is also defined today as a discussion of how savvy business owners locate and develop new products and services, or how they launch new businesses to create wealth. Such definitions emphasize the risky nature of entrepreneurism, as in many cases business opportunities are difficult or impossible to identify before they are actually profit making institutions. In today’s startup market, possible business opportunities may not be at all.