Mark create a new industry or be providing

Mark Casson, a British economist and academic, drew on
different theories regarding Entrepreneurship, including those of Joseph
Schumpeter’s theory of innovation and Israel Kirzner’s theory of
opportunity-seeking, in order to synthase a theory that fit alongside
neo-classical ideas. According to Casson, entrepreneurship is the pursuit of
risky innovative projects that may contribute to the economy – efficiency and
growth. How successful these ventures are depending on the information
collected by the individual following by a judgement. Within the theory, Casson
suggests that the entrepreneurs, especially the successful ones where good
judgement has been shown, are rewards in the form of profits or salaries.
Contrastingly to Schumpeter’s views, Casson sees entrepreneurs as risk bearers
in the economy. This mainstream School of Thought is one that is arguably most
fits with the modern-day definition of an entrepreneur. The Oxford English
dictionary describes Entrepreneurship as the “The activity of setting up a
business or businesses, taking on financial risks in the hope of profit”. Those
entrepreneurs who are confident in the judgement being made will commit their
own funds – or use the funds of another – being optimistic of being rewarded.

 

Based on the Oxford English’s Definition of an Entrepreneur
“The activity of setting up a business or businesses, taking on financial risks
in the hope of profit” one can argue that innovation is not necessary in order
to be classed as an Entrepreneur. As long as an individual is taking a financial
risk, such as spending money to start up a business, they will fall into the
category. However, this is not to say that it makes one a successful
Entrepreneur. In order to compete in a market, you need to be providing
something different that is deemed more valuable than a competitor,
alternatively if there is no competition in your market then you must have
innovated in order to create a new industry or be providing something that
others deem superior to what they may seek to create. Both things are
essentially Innovation thus it must be noted that Innovation is central to
successful entrepreneurship. 

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To conclude, based on the analysis of different Economic
Theories and by looking at the traits of successful Entrepreneurs, it must be
concluded that Innovation is a central Aspect of Entrepreneurship, the two
terms are links as it is the implementation of Entrepreneurial Behaviour that
allows innovation to take place.