Final answer:
Entrepreneurs are individuals who need confidence to act decisively and take the risk of personal financial failure to pursue new opportunities, often investing their own money and attract outside investment.
Step-by-step explanation:
The individuals who need the confidence to act decisively because they are willing to take risks, including the risk of personal financial failure, in the pursuit of new opportunities are entrepreneurs. Entrepreneurs are known for organizing productive resources and providing their own investment despite the risk to produce a good or service. They are often considered risk-takers, but successful entrepreneurs carefully calculate and compare the potential risks and benefits before investing their money.
Startups are inherently risky, as they may start as just an idea on paper. The founders, who know the business plan and have a strong belief in the startup's success, often invest their own money. This action not only signifies their confidence but also attracts angel investors and venture capitalists who provide advice and overcome information asymmetry by developing a personal knowledge of the managers and the business. Ultimately, entrepreneurs play a crucial role in combining factors of production to create innovative products or services and evolve the market based on consumer demand.