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Schumpeter's suggestions on the methodological role of economic sociology as an analytical device for the institutional analysis of modern capitalism, pinpointing the matter of entrepreneurship as a key concern, with fiscal sociology identified as a sub-discipline. Indeed, it is argued in the following essay that fiscal sociology provides Schumpeter on Entrepreneurship and Dynamic Change. But it was his 1911 volume, The Theory of Economic Development (English translation, 1934), that established for the rest of his life an international reputation as an original and creative thinker. Using as a starting point the "circular flow" of an economy in general equilibrium - the idea that all supplies and demands for consumer During the early part of the twentieth century, entrepreneurship was still believed to be distinct and different from the management of organizations. However, in the mid-1930s the concept of entrepreneurship expanded. That's when economist Joseph Schumpeter proposed that entrepreneurship involved innovations and untried DÉRY, R. et J.-M. TOULOUSE, (1994), « La structuration sociale du champ de l'entrepreneurship : le cas du Journal of Business venturing », Chaire d'entrepreneurship Maclean Hunter, Ecole des Hautes Etudes Commerciales, p.4. 4 BARONET, J., (1996), « L'entrepreneurship, un champ à la recherche d'une définition. Une revue sélective de la Schumpeter defines entrepreneurship from the economics perspective by focusing on the perception of new economic opportunities and the subsequent introduction of new ideas in the market. Entrepreneurs identify opportunities, assemble required resources, implement a practical action plan, and harvest the reward in a timely, flexible way (Sahlman and Stevenson 1991, p. 1). Those in the entrepreneurship, briefly comparing his characteristics of the entrepreneur with those of Schumpeter and Knight. We choose a sample of five examples from the Essai to illustrate how Cantillon used his theory of entrepreneurship to construct economic theory. The implications for understanding economic phenomena, 1.5 Characteristics of Entrepreneurship 1.6 Types of Entrepreneurs 1.7 Entrepreneurial Traits 1.8 Entrepreneurship as Career Option 1.9 Summary 1.10 Keywords 1.11 Self Assessment Questions 1.12 Suggested Readings 1.0 OBJECTIVE After reading this lesson, you should be able to • Understand the meaning of entrepreneur and entrepreneurship. Joseph Schumpeter believed that history was essential to the study of entrepreneurship. It is a perspective that has been lost in recent scholarship. This paper shows why this has been detrimental to the field, and explores how the current situation can be improved. Joseph A. Schumpeter developed a very well-known theory of entrepreneurs and entrepreneurship, centred on the concept of « new combinations », introduced by special human types, entrepreneurs, conceived as leaders in the process of change. According to him, innovation and entrepreneurship are destructive elements driving is taken by Schumpeter but also concepts of entrepreneurship and innovation are interpreted in different ways by diff