An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise.Entrepreneurship is the process of discovering new ways of combining resources.
This error in judgment is part of the entrepreneurial learning, or discovery, process vital to the efficient operation of markets. The profit-and-loss system of capitalism helps to quickly sort through the many new resource combinations entrepreneurs discover.
Successful entrepreneurs expand the size of the economic pie for everyone.
The word “entrepreneur” originates from a thirteenth-century French verb, entreprendre, meaning “to do something” or “to undertake.”
Say stressed the role of the entrepreneur in creating value by moving resources out of less productive areas and into more productive ones.
Schumpeter stressed the role of the entrepreneur as an innovator who implements change in an economy by introducing new goods or new methods of production.
Kirzner’s entrepreneur is a person who discovers previously unnoticed profit opportunities.
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