Actually what you want to know????

Dear Anita,

I think that any emerging entrepreneural model should be contingent on some sound reasoning that occured before. My memory brings up the following thoughts.

Leon Walras carved out the role of the entrepreneur as a fourth person besides land owners, workers, and capitalists. The entrepreneur “lease land from the land-owner, higher personal faculties from the labourer, and borrow capital from the capitalist, in order to combine the three productive services in agriculture, industry or trade...the different ways in which these roles may be combined give rise to different types of enterprise.” (Walras, “Elements of Pure Economics,” 1969, Augustus Kelley Reprints, p. 222) Under competition, the role of the entrepreneur “is an intermediary whom we may disregard”. Under monopoly, the entrepreneurs levy a certain portion of the wealth exchanged for their own use.” (Walras, Ibid., pp. 438-439).

Walras thought that the role of the entrepreneur is not distinguished form the capitalists in the English School. (Ibid., p. 423) This is not quite true for “Smith does speak of the ‘undertaker’—or industrialists, who, ‘inspection and direction’ being brushed aside, are fundamentally capitalists or masters ‘setting to work industrious people’ and appropriating part of the product of ‘their work’ (See Schumpeter His. Of Eco. Analysis, p. 184, on Wealth of Nation, ch. 6).” Schumpeter also attribute entrepreneurship to R. Cantillon: “Cantillon had a clear conception of the function of the entrepreneur (ch. 13). It was quite general, but he analyzed it with particular care for the case of the farmer. The farmer pays out contractual incomes, which are therefore ‘certain,’ to landlords and laborers; he sells at prices that are ‘uncertain.’” (Ibid., p. 214) Schumpeter is also a source to look up the justification of the entrepreneur from the point of view of other schools of thought.

The Austrians also recommend the entrepreneurs. Suffice to consider on F. Hayek. Entrepreneurs may have haunch (knowledge and information) about a new product that cannot be made public, and therefore that much reason to have them around. (Hayek, “Fatal Conceit,” 1988, Collected Works, p. 89)

Peter Drucker has done some theorizing on this matter from a business and philosophical perspectives as well. I refer you to his works.

Developing countries tend to have a small entrepreneurial class. The old theory that replaced successful foreign enterprise with domestic one did not seem to work. A newer trend in joint venture seem more promising. (Paul Streeten, “Thinking about Development,” Raffaele Lecture, 1995, Cambridge Press, p. 154)