ENTREP

introduced the concept of "Entrepreneur"

He picked up on Cantillon’s

notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others,

namely income earners, do not have to be subject to the same uncertainty.

Founder of Chicago School of Economics

One of the Founders of Neoclassical Economics

Published An Inquiry into the

Nature and Causes of the Wealth of Nations in 1776.

He ranked goods according to their casual connections to human satisfaction.

He refuted the

idea of entrepreneurship as a manager of the firm, and espoused the concept

of the entrepreneur as an innovator who seeks opportunities and leads

“existing means of production into new channels.” The Entrepreneur is neither

a risk–bearer nor a manager nor capitalist”.

He is a Business Expert who came up with

the behavioral concept of the entrepreneur, who searches for change,

responds to it, and exploits change as an opportunity.

A formal agreement with a capitalist to sell his goods.

’’The entrepreneur in this age who was in charge of great architectural works

such as public buildings and cathedrals.”