entrepreneurship

Entrepreneurship is the particular expression of >creativity in economic systems and, especially, in the context of >markets. Broad definitions of entrepreneurship include technological invention, but most economists agree today that the fundamental role of the entrepreneur is market-making. The necessity to make markets results from the fact that >networks are non-integral, so that there is always ample space for new transactions to be realized. Furthermore, entrepreneurship is a reflection of the uncertainty of the future (>time) and the necessity to fix certain developmental alternatives by fiat action. This implies that entrepreneurs show some personal properties like the readiness to take risk.

A special function of entrepreneurship is leadership in organizations, i.e. the >firm. Here, the entrepreneur is an actor who finds a unique way to combine >capacities of other actors to organize a >production process. Furthermore, it is the entrepreneur who reduces uncertainty by creating the vision that underlies collective action of the members of the firm.

Economics has developed many insights into the impact of institutions on entrepreneurial activity in an economic system, like the role of property rights, regulations on profit distribution etc. However, there seems to be a strong impact of culture and other social contexts, too.

In recent EE theorizing, there is also the view that entrepreneurship can be a property of collective actors, as in certain networks of >innovation systems.

Basic References
There is a short survey on the history of the concept:
Entrepreneurship Theory
Casson's definition

There is a close relation with Austrian and "radical keynesian" ideas, as:
Israel M. Kirzner, Perception, Opportunity, and Profit. Studies in the Theory of Entrepreneurship, Chicago/London: Chicago University Press, 1979.
G.L.S.Shackle, Epistemics & Economics. A Critique of Economic Doctrines. Cambridge: Cambridge University Press, 1972.

Semantic Field
creativity   novelty
market   entrepreneurship   organization