ENTREPRENEURSHIP

Detailed explanation-1: -Entrepreneurs, according to Cantillon, are non-fixed income earners who pay known costs of production but earn uncertain incomes, due to the speculative nature of pandering to an unknown demand for their product.

Detailed explanation-2: -The Schumpeterian entrepreneur is the economic agent who introduces “new combinations of factors of production” which provide by the same token opportunities for investment (Schumpeter, 1935).

Detailed explanation-3: -Say noted that “the term entrepreneur is difficult to render in English; […] It signifies … the person who takes upon himself the immediate responsibility, risk, and conduct of a concern of industry, whether upon his own or a borrowed capital” (Say [1803] 1964, p.

Detailed explanation-4: -von Hayek, according to Kirzner, the role of the entrepreneur is to coordinate information as part of the process of division of knowledge. Like Menger, Kirzner does not consider the entrepreneur as a rational economic player who makes decisions in a certain context.