Once your entrepreneur visa has been granted, it remains valid for two years. Hong Kong administration uses a 3 tier system (2-2-3 years) that means the first application will last for 2-years and can be renewed for additional of two years and finally three years.
If you reside for 7 years after getting the entrepreneur visa, you can apply for permanent residence (right of abode in Hong Kong). Remember that to successfully renew the permit; it is a requirement that the application is made not less than 4 weeks before expiry. Besides, you should manage the business prudently to ensure it is viable and contributes significantly to Hong Kong economy.