Which term defines a person engaged in initiating and developing a new business?

The term that defines a person engaged in initiating and developing a new business is "Entrepreneur." An entrepreneur is someone who identifies a business opportunity, takes the initiative to create a new product or service, and assumes the risks associated with starting and operating a business. This role is fundamentally about innovation, vision, and the drive to turn an idea into reality, often requiring creativity and a willingness to take financial risks.

In contrast, a manager typically oversees existing operations and ensures that the business runs efficiently, focusing more on the administration of the organization rather than the initiation of new ventures. An investor, while crucial to business development through funding, does not necessarily engage in the day-to-day operations or the creative aspects of forming a new business; instead, they provide capital with the expectation of financial return. An executive usually holds a high-level management position within a company, focusing on strategic decisions rather than the entrepreneurial initiative required to start a new business. Thus, the role of an entrepreneur captures the essence of starting and nurturing a business from its inception.