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Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Aberdeen, language: English, abstract: Executive Summary Entrepreneurs are doubtlessly not like other people. They differ possibly by personal attributes, family background or gained experiences in their private or professional life. Not everyone has it in oneself to be an entrepreneur. The majority of start-ups worldwide need to declare bankruptcy after a short time. The art here is to assure the survival of the business and to guarantee its expanding. There are various theories trying to explain why some people can make it and others do not. Is it due to the education? Or is the individual’s character and temperament the crucial factor? Another question in this context is, if it is possible to become a successful entrepreneur or if entrepreneurs have some inherent qualities or talents that others never will have. The role of the entrepreneur in society has changed in recent years. He has improved his international standing; people recognise his creative innovations that simplify our lives, boosting the economy through self-exertion and adding new jobs. Harrell (1992) summarises that “If it were not for the entrepreneurs, we would be in a depression that would make 1929 seem like a boom“. The German Chamber of Industry and Commerce (2002) supports this point of view. “Entrepreneurs...facilitate productive change and vitalize competition and hence most cities support them.”