The Meaning of Entrepreneurship

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Abstract
This paper reviews various definitions of entrepreneurship employed by a number of theoretical economists since Richard Cantillon (circa 1730). Three recurring themes emerge from their definitions, namely that “entrepreneurship” involves: 1) uncertainty and risk, 2) complementary managerial competence, and 3) creative opportunism. The authors argue that modern definitions of entrepreneurship that exclude any of these three fundamental dimensions are basically incomplete.

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