ENTREPRENEURSHIP

Detailed explanation-1: -As per a previous study (Burnett, 2000) the term “entrepreneur” was first introduced by the early 18th century French economist Richard Cantillon. In his writings, he formally defines the entrepreneur as the “agent who buys means of production at certain prices in order to combine them” into a new product.

Detailed explanation-2: -Cantillon described the entrepreneur as someone who uses “judgment, without being able to foresee which [product] will pay the best price” (Cantillon, 1931, p. 55), depending on factors of supply and demand.

Detailed explanation-3: -The term “entrepreneur” entered economic theory during the 18th Century (initially in the writings of Richard Cantillon), but it is much older than that.

Detailed explanation-4: -Richard Cantillon defines ‘entrepreneur’ Cantillon describes an entrepreneur as an ‘adventurer’, who invests in the purchase of goods and materials with the incentive of selling these in the future.