Definition Of Entrepreneur By Economists

The accumulation of factors of production per se does not explain economic development.

Definition of entrepreneur by economists. Schumpeter s entrepreneur needs judgment to deal with the novel situations connected with innovation. Surprisingly thousands of people google search for the definition each day. Economists have never had a consistent definition of entrepreneur or entrepreneurship though the concept of an entrepreneur has existed and was known for centuries. Schumpeter and others the term entrepreneur is defined in a variety of ways.

This definition centers on the concept of managership and implies that an entrepreneur is a manager too. The insights of previous economists can be synthesized. Cantillon s entrepreneur needs judgment to speculate on future price movements while knight s entrepreneur requires judgment because he deals in situations that are unprecedented and unique. Entrepreneurial economics is the study of the entrepreneur and entrepreneurship within the economy.

What is an entrepreneur. They are necessary factors of production but they are not sufficient for economic growth. In order to answer the question i contacted 15 successful business people to find out their own definition of entrepreneur. At that time french economists also used the word entrepreneur to describe people who bore risk and uncertainty in order to make innovations.

The entrepreneur has been understood differently under the contemporary condition in a seminar held on entrepreneurship in delhi in 1981. Richard cantillon was the first to define an entrepreneur as the agent who buys means of production at certain prices in order to combine them into a new product. Entrepreneur meaning and definition definitions of entrepreneur according to bernard belidor jean baptiste jan tinbergen adam smith alfred marshall joseph a.