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While this definition of an entrepreneur through game theory may be dubious at best, it reflects a trend in entrepreneurship that has been around since the early 20th century and Harvard economist Joseph Shumpeter. Schumpeterians define entrepreneurs as innovators: people who come up with ideas and embody those ideas in high-growth companies. This is essentially the same definition in non-game terms, entrepreneurs are individuals who bring something new to the table. Schumpeterians further distinguish between “replicative” entrepreneurs who set up small businesses which resemble already existing small businesses, and “innovative” entrepreneurs who upset and disorganize the existing way of doing things. They also distinguish between “small businesses” and “high-growth businesses”. Both sorts have an important role in a successful economy. But they are nevertheless very different sorts of organisations(5).

These formal definitions of an entrepreneur are key to keep in mind whether one is crafting policies related to entrepreneurs, attempting to start their own business, or merely wants to know more. Form the early theories of John Nash and Joseph Shumpeter to the modern lectures of Lucas Engelhardt show some of the evolution and range of broad economic theory towards entrepreneurs. Once common theme runs throughout however, entrepreneurs bring something new to the stage. They innovate, create, and shake up the status quo, and are a driving force in the economy of the future.

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