In contrast, Real Business Cycle (RBC) theory attributes economic fluctuations to real shocks, such as technological advancements or changes in resource availability, which directly impact productivity. Entrepreneurs play a crucial role here as well, as they adapt to these shocks by mobilising resources, which can disrupt any short-term equilibrium that may have emerged naturally through the ”invisible hand” of the market. This disruption leads to economic growth that would be unattainable under static conditions. Austrian economists, however, argue that true market equilibrium is largely theoretical due to the constant evolution of consumer preferences and technology, resulting in a state of continuous disequilibrium. Entrepreneurs are seen as individuals who respond to these conditions by acting on opportunities, thereby pushing markets towards more efficient resource allocation. Whether entrepreneurs create disequilibrium or merely respond to it, what matters most is their ability to drive change, often through swift and decisive action. This capacity for adaptation and transformation underscores the pivotal role of entrepreneurs across all three economic perspectives. Entrepreneurs are thus essential in creating both stability and growth within an ever-changing economic landscape. 6.3 A Definition of Entrepreneurship Modern definitions of entrepreneurship vary significantly. According to Prince et al. (2021), there are five key elements that characterise an entrepreneur: innovator, business founder, value creator, risk-taker, and opportunist. In their study, Prince et al. develop a broad definition of entrepreneurship, which centres around three interconnected components: idea generation, idea development, and idea validation. These activities align well with combined work of Schumpeter, Knight and Kirzner we saw earlier. Thus, for the purpose of this work, an entrepreneur will be defined as an individual who actively identifies opportunities, evaluates their potential, and implements innovative ideas through risk-taking and resource mobilisation, ultimately driving value creation and contributing to economic growth and societal progress. Entrepreneurs play a critical role in the green economy by developing practical solutions that drive sustainable economic progress while addressing environmental challenges. 34 6.3 A Definition of Entrepreneurship
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