We say that a quantity grows exponentially if it multiplies at a constant rate, in the sense that over any two intervals of the same length, it multiplies by the same amount. For example, a quantity which multiplies by 2[sup]t[/sup] over any t seconds is growing exponentially: over any one second interval, it doubles; over any three second interval, it octuples; over any half second interval, it multiplies by sqrt(2), etc. So this sort of getting larger and larger at faster and faster speeds is a prime example of exponential growth.
But, also, a quantity which rotates at a constant speed is also growing exponentially; in any two intervals of the same length, it rotates by the same amount. For example, a quantity which rotates by 12 degrees a second: over any one second interval, it multiplies by a 12 degree rotation; over any three second interval, it multiplies by a 36 degree rotation; over any half second interval, it multiplies by a 6 degree rotation, etc. So rotation is also a prime example of exponential growth.
Now, if a quantity is growing exponentially in this sense, then its velocity (rate of change) at any moment is proportional to its current value. In fact, this gives a precisely equivalent way of defining exponential growth: a quantity is growing exponentially just in case there is some constant ratio between its velocity and its value. We call this the “growth constant” of that quantity. For example, if I were driving west from New York in such a way as that the further I got, the faster I drove, so that at any moment my speed was always 7 times my distance from New York per hour, then the distance between me and New York would be growing exponentially, with a growth constant of 7/hour.
Given two different exponentially growing quantities X and Y, we might want to compare how fast they grow. One way to do this is to say “If the amount X multiplies by over any interval is the same as the amount Y multiplies by over an interval p times as long, then X is growing p times as fast as Y”. So, for example, if X octuples every second, while Y doubles every second, then X is growing three times as fast as Y, since the amount X multiplies by over any second is the same as the amount Y multiplies by over any three seconds. Naturally, to grow p times as fast as a quantity which multiplies by b every second is to multiply by b[sup]p[/sup] every second. This is how we’re going to define exponentiation.
Switching to our other way of looking at exponential growth, “The amount X multiplies by over any interval of time is the same as the amount Y multiplies by in an interval p times as long” is equivalent to “The growth constant of X is p times the growth constant of Y”. So, if the growth constant of X is p times the growth constant of Y, and Y multiplies by b over any second, then X multiplies by b[sup]p[/sup] over any second. Again, this can serve as our definition of exponentiation. b[sup]p[/sup] is the amount you multiply by every second, if you grow exponentially with a growth constant p times as large as that of a quantity which multiplies by b every second.
Finally, what is e? By e we mean the amount a quantity multiplies by over any second, if it grows exponentially with a growth constant of 1 per second. Which means, for any exponentially growing quantity with growth constant K/sec, it grows K times as fast as something multiplying by e every second; that is, having growth constant K/second is the same as multiplying by e[sup]K[/sup] every second.
In particular, consider a vector V rotating at a radian per second. This is exponential growth, and as argued before, the growth constant will be 90 degrees rotation/second; that is, at any moment, the velocity of the vector will be equal to its current value per second, rotated 90 degrees. Accordingly, the amount this vector multiplies by over any second will be, using our definitions, e[sup]90 degrees rotation[/sup]. Which is to say, e[sup]90 degrees rotation[/sup] = 1 radian rotation. Or, using the notation “i” for 90 degree rotation, we have that e[sup]i[/sup] = rotation by one radian, as before. This is Euler’s theorem.
Basically, the reason e is so simply related to rotation is because e is all about exponential growth, and rotation is a very simple kind of exponential growth. When we say e[sup]p[/sup], we mean the amount a quantity multiplies by over a second, if its rate of growth is always p times its current value per second. This makes sense even when p is not just a scaling by some factor, but has some rotational content as well, which is to say, it makes sense not just for positive p but for arbitrary complex p. There’s no need to bring Taylor series into it to define this, and indeed, it’s easier to understand and motivate on its own terms without them.