ABSTRACT

For almost 300 years the entrepreneur has been recognized as a part of the economy. In the early part of the Industrial Revolution, the entrepreneur was viewed as someone who changed the state of resources or helped resources become more productive. The Industrial Revolution brought about major changes to the daily activities of virtually all humans, but especially the entrepreneur. Although much of economic theory is devoid of explicit entrepreneurial activity, much of economic principles of great aid in the attempt of the entrepreneur to reach commercialization of products and production processes. The act of the entrepreneur is innovation, and it is the entrepreneur who takes an idea and applies it to a product or industrial process, and the result demonstrates the presence of an innovation. These examples of entrepreneurs have thousands of counterparts in the American economy who collectively form the driving force that makes life more comfortable for society. Entrepreneurs remain the lifeblood of the American economy.