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An Outline of the Concept of Entrepreneur: Economic Progress

An Outline of the Concept of Entrepreneur: Economic ProgressAccording to Say’s opinion, the entrepreneur is a supervisor and an administrator. He/she needs to accurately assess the importance of a new product, the demand level as well as the level of production means. At a specific moment, he/she must employ a great number of employees. In other instances, he/she must order or purchase raw materials, to find consumers and to pay a permanent attention to order and economy. In a word, he must possess the art of supervision and administration. Mobile phones

The theory understands the change as being normal or even healthy and the major task in the society – especially in economy – of doing something different and not doing the things that have already been done in a better way. This is the essential part of Say’s understanding when he invented the term entrepreneur. It was like a manifest and a statement of disagreement: the entrepreneur concerns and disorganizes. His task, as it was later on formulated by Schumpeter, is the “creating destruction”, as the entrepreneurship is an ongoing event of the economic reform.
In Say’s opinion, the entrepreneurs see the change as a model and as something healthy. Usually, the change is not only caused by them. However, the change also defines the entrepreneur and the entrepreneurial system: the entrepreneur always seeks the change, answers to it and exploits it as an opportunity. In a preference scale of the activities that must be encouraged in the national economy, he put the industry in the forefront; he detached the entrepreneur from the capital owner, emphasizing his special role in the wealth production and distribution.
According to Say, the entrepreneurs’ capacity – as main agents of the economic progress since the Napoleon times: trained, active, innovative inventors, famers, industrialists and bold and entrepreneur merchants – was the one that exerted the greatest influence over the wealth production, distribution and achievement.
J. S. Mill, in his principles elaborated in 1848, popularized the entrepreneur term among the English economists, but he retained the tradition of considering the entrepreneur as a simple capitalist on multiple facets, as Smith and Ricardo did. Soon after, the margin revolution drifted the attention from internal organization of business enterprise, thus eliminating the role of capitalism and entrepreneur.
At the beginning of 20th century, the entrepreneur became synonym or at least associated to free enterprise and capitalism. He/she is recognized as an agent of change. The entrepreneur is a creative person, with innovative ideas in business, who contributes to a company’s growth and profitability.