Entrepreneurship

The pursuit of opportunities without regards to the resources currently controlled. It involves creating value by devoting the necessary resources and receiving the resulting rewards and personal satisfaction and independence.

The term was coined by [Cantillon] in 1725. He observed buying and selling by traders & craftsmen. The entrepreneur was known as risk bearer,knowing his buying price but not his selling price.

[[1]] contribution was that he saw the entrepreneur as an innovator: ":The key aspect of economic development is the competitive elimination of old forms of production. This process of 'creative destruction' is a fundamental characteristic of capitalism.

An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.