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Unlike Marx he saw the erosion and obsolescence of the entrepreneurial function as central to the contradictions of capitalism.The core of Schumpeter's argument is straightforward Capitalism is a dynamic process of wealth creation and change, driven by technological innovation.
The individual embodies the entrepreneurial function.
The entrepreneurial function in a capitalist economy personifies the economic change.
In this paper, we have shown that the entrepreneurial function relies on the resources that the individual gathers to combine productive factors.
More recently, Uzunidis et al. (2014) point that entrepreneurial function relies on the individual characteristics of the entrepreneur and the importance of the social, economic and political environment.
A natural extension of (EP) would consist of parameterizing the input variables, specifically the entrepreneurial function f, and performing a robust study of the behavior of the model with ad-hoc simulations.
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The implication is that econometric tools are yet lacking to incorporate entrepreneurial functions into the mathematical models of economic calculation.
Universities produce knowledge in transdisciplinary processes, then utilize and market it; they establish and support spin-offs, and perform "quasi entrepreneurial functions" (Ortiz 2013: 96, translated), hence the term entrepreneurial universities (Etzkowitz 2003, 2013; Etzkowitz et al. 2000; Etzkowitz and Zhou 2008).
Thus, we define an entrepreneurial distribution function between the two extremes –pure innovators and rent-seekers-, a function that captures the hypothesis of heterogeneity of entrepreneurs.
This personality type also affects the way in which the entrepreneurial firm functions, influencing decision making.
The personality type also affects the way in which the entrepreneurial firm functions, influencing decision making, employee reactions, and succession planning.
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