In this section the historical view of entrepreneurs are discussed and summarised from the work by (Grebel et al., 2003). We will look how this view corresponds to economic theory from which a definition of an entrepreneur will be deducted. 6.1 A Historical View on the Evolution of Entrepreneurial Theory The concept of entrepreneurship has evolved significantly, shaped by societal and economic shifts before and after the Industrial Revolution. The term ”entrepreneur” originates from the French and initially described someone active and productive. During the Middle Ages, entrepreneurs acted as project managers for large-scale undertakings like castle and cathedral construction. These individuals coordinated labour and materials, bore minimal risk, and were paid based on project milestones. Over time, secularisation shifted this role to private individuals, transferring financial risk due to cost uncertainties. The Industrial Revolution (1760s onwards) marked a turning point, redefining entrepreneurship within a broader framework of economic innovation and organisational development. This period saw the growth of cities, changes in how people worked, and the rise of industrial economies. Entrepreneurs played a key role in driving organised and structured progress during this time. Richard Cantillon (1680–1734) characterised entrepreneurs as buyers operating under uncertain costs, highlighting risk as a defining feature. Bernard Forest de Bélidor echoed this, linking profits to uncertainty. In contrast, Jean-Baptiste Say (1767–1832) broadened the scope, positioning entrepreneurs as coordinators of production who managed resources, risks, and stakeholder interests. “I believe in intuition and inspiration. Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution. It is, strictly speaking, a real factor in scientific research.” - Albert Einstein Entrepreneur ration. Imagination is more important than ited, whereas imagination embraces the entire ing birth to evolution. It is, strictly speaking, ch.” ew of entrepreneurs are discussed and sumrebel et al., 2003). We will look how this view y from which a definition of an entrepreneur Evolution of Entrepreneurial Theory urship has evolved significantly, shaped by before and after the Industrial Revolution. nates from the French and initially described During the Middle Ages, entrepreneurs acted scale undertakings like castle and cathedral als coordinated labour and materials, bore Chapter 6 32 6.1 A Historical View on the Evolution of Entrepreneurial Theory
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