1. SLANG: Elegant way of saying someone is a street hustler; someone who makes money selling illegal merchandise (or legal merchandise illegally) on the street or in an urban/ghetto area out of his residence or an illegal place of business (ex. warehouse, back of a grocery store, etc.).
2. PROPER: One who owns a business that caters to the city life, or owns a business located in a city. The term entrepreneur is more correctly reserved for one "seen as a business leader and innovator of new ideas or business processes."
1. Does John have a job, how does he pay for school?
Well he likes to think of himself as an urban entrepreneur, but he just sells weed to kids in the ghetto.
1. SLANG examples: one who: deals drugs, sells stolen electronics off the back of a truck, sells bootleg DVDs, selling items to people stuck in traffic, etc.
2. PROPER examples: street vendors in NYC, owner of a bike courier company, dog walker