Richard Cantillon first defined an entrepreneur in 1725 as the person who bears the risk and faces the uncertainty of an activity. Jean Baptiste Say, in 1803, included the bringing together of factors of production in the role of entrepreneur. In 1934, Joseph Schumpeter added the notion of innovation. The artisan, craftsman entrepreneur describes the small business owner who establishes a business for the principal purpose of furthering personal goals. This is the no-growth option. The classical, opportunistic entrepreneur, or what is often referred to simply as an entrepreneur, establishes a business for the principal purpose of profit and growth.
Role of entrepreneur in economic development
Entrepreneurs are the originators of small businesses. The United States Small Business Administration (U.S. SBA) reports that small businesses represent 99.7 percent of all employers, employ 54 percent of workers, generate 52 percent of all sales and create 62 percent of new jobs. Even with this record, and supplying 50 percent of the GDP in the U.S., small businesses receive only 10 percent of the financing.
Factors necessary for successful entrepreneurship in a region.
Unemployment Insurance Self-Employment Demonstration Project
Link to my literature review and references
cgl2@acpub.duke.edu