Entrepreneur: someone who organizes and assumes the risk of a business in return for the profits
May have have been introduced by Richard Cantillion (1697-1734), an Irish economist
The term came into wider use after John Stuart MillÅfs Principles of Political Economy (1848)
It disappeared by the end of the nineteenth century
This was due to assumptions of perfect information
If businesspeople make decisions based on perfect information, there no risk!
As these assumptions declined in importance, entrepreneurship made a come back
| Previous slide | Next slide | Back to first slide | View graphic version |