Entrepreneurs are defined as those agents who know, or believe to know, investment projects with designs for specific uses of specific resources, and who can, in response to suitable incentives, initiate the implementation of such projects by taking appropriate actions â such as founding or expanding firms, creating jobs, and putting to work new technologies. Economic progress is achieved when entrepreneurs are able to use available resources to generate employment and capital accumulation. Entrepreneurs are self-selected, not all of the self-selected entrepreneurs, can be expected to be able to efficiently employ resources. Many of them may definitely be unsuitable, in spite of their believing the opposite. As it is neither possible nor desirable that to have some kind of pre-selection of entrepreneurs, the question to policy makers and supporting institutions is rather about focusing on ways and means on the one hand, to enhance the capacity of entrepreneurs to make the most optimum use of available resources and on the other to ensure that resources available most efficiently meet the needs of entrepreneurs.
