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Evolution of the theories on entrepreneurship and on the entrepreneur Middle AgePerson in charge of projects for large scale production XVII Century Person who would take risks for profit (or loss) in a contract of fixed value with the government 1725 Richard Cantillon -a person who takes risks is different from the one who offers capital 1803 Jean Baptiste Say -enterpriser's profits are separate from the capital profits 1876 Francis Walker -he distinguished between the ones who would support founds and receive from taxes and the ones who would gain from management abilities 1934 Joseph Schumpeter -the entrepreneur is an innovative person and develops technology that has not been tested yet 1961 David McClelland -the entrepreneur is someone dynamic who takes moderate risks 1964 Peter Drucker -the entrepreneur maximizes opportunities 1975 Albert Shapero -the entrepreneur has initiative, organizes some social and economical mechanisms and takes risks 1980 Karl Vesper -the entrepreneur is differently perceived from the point of view of economists, psychologists, businessmen or politicians 1983 Gifford Pinchot -the intra entrepreneur is an entrepreneur who acts inside an organization 1985Robert Hisrich -entrepreneurship is the process of creating something different and with value, spending time and necessary efforts to do so, assuming corresponding financial, psychological, and social risks, and receiving the consequent rewards of economical and personal satisfaction
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