When did the term entrepreneur come into existence? What does the term an entrepreneur mean?

The word entrepreneur made first appearance as a distinct concept in France in 1750’s. It was introduced by Richard Cantillon twenty years before Adam Smith published his work on wealth of the nations in 1776. Richard Cantillon suggested that the entrepreneur is someone prepared to bear uncertainty in engaging in risk of buying goods and services at a certain (fixed) price in one market to be sold elsewhere or at another time for uncertain future prices usually in another market . Furthermore, Schumpeter (1934) described an entrepreneur as a person who can convert new idea and invention into innovation; a product that can be commercialized.

Moreover the entrepreneur is described as as a “dot connector” a man who can connect the dots to identify opportunities that create profit and wealth. Additionally, the entrepreneur is an individual who brings about improvement both for other individuals and for society as a whole. An entrepreneur is known for what he/she does; activities that entrepreneurs do include creating new products, processes and services in the market.