According to Henry, Hill & Leitch (2003) the word entrepreneur comes from the French word "entreprendre" which means to undertake, and the first person who introduced and used the word entrepreneur was Richard Cantillon (1680- 1734), Irish economist. Cantillon defines the entrepreneur as a person with the foresight and confidence to work under conditions where costs may be known, but profits are uncertain (Bridge, O'Neill & Cromie 1998). Therefore, it can be concluded that entrepreneurship requires foresight and willingness to take risks (Landstrom 1997, cited in Corbetta, Huse & Rovasi 2004). In short it can be said that Cantillon's first concept of entrepreneurship emphasizes taking risks to venture into a business.Van Praag (2005) divides the concept of entrepreneurship into five different groups which are classical approach, neoclassical approach , the Schumpeterian, chivalric and neo-Austrian approach. Each concept will be discussed separately. 3.1 The classical approach According to van Praag (2005) the famous French economist Jean-Baptiste Say (1767-1832) seemed to be the first expert to add the managerial role to the characteristics of the entrepreneur. The managerial role consists of getting involved in combining and coordinating the factors that influence the production process in order to accommodate unexpected events and overcome problems (Bridge, O'neill, & Cromie 1998). In summary, the characteristics of the entrepreneur according to Say are the person who is responsible for production, distribution and consumption activities; a coordinator at market and company level; a leader and manager within the company, problem solver (van Praag 2005) and also a risk taker (Corbetta, Huse & Ravasi 2004). Therefore, according to Landstrom ...... half of the document ...... the company is responsible for all internal activities of the company. Furthermore, Knight added the concept of the ability to manage aspects of uncertainty in the managerial role. Schumpeter introduced a new aspect which is innovation in the definition of entrepreneurship. According to Schumpeter, an entrepreneur is a person capable of making changes in the market. Subsequently Kirzner agrees with Schumpeter's concept and sees innovation as a cost-free discovery, which means the process of finding something unique for the market. Besides all the differences, all economists include profit as a factor in the concept of entrepreneurship. However, the term profit is described in a different perception. Schumpeter describes profit as an indicator of success, Kirzner considers profit as the driving tool of entrepreneurial activity while others perceive profit as a return on entrepreneurial activities.