and selling at an uncertain price". Jean-Baptiste Say Jean-Baptiste Say, who has been an entrepreneur during a period of his life, recognizes the "superior kind of labour" of the entrepreneur. He is the "coordinator, modern leader and manager within his firm". He is a kind of "super-manager" because the exercise of the function needs a combination of rare qualities and experience: "Judgement, perseverance, and a knowledge of the world as well as of business...the art of superintendence and administration". To Say, a successful entrepreneur must demonstrate prudence, probity and regularity. Frank Knight Frank Knight saw the entrepreneur as someone who undertakes business decisions under conditions of 'uncertainty'. Knightian uncertainty exists where there is no basis for objective probabilities, so that it is unmeasureable and decisions have to be made using subjective judgment. The entrepreneur earns economic profits as a reward for good judgment. Entrepreneurs are seen as being confident and venturesome. Schumpeter Schumpeter's concept is a synthesis of three different notions of the entrepreneur: risk bearer, innovator and a coordinator. He assigned the role of innovator to the entrepreneur, driving economic growth through a process of creative destruction, and not to the capitalist. Capitalists supply capital while entrepreneurs innovate. He stated that "whatever the type, everyone is an entrepreneur only when he actually carries out a new combination and loses that character as soon as he has built up his business, when he settles to running it as other people run their business." The focus here is not on a category of person, but on a function. He was perhaps influenced by his family history. The Schumpeterian entrepreneur disrupts existing equilibrium. Innovation is a chaotic, unpredictable economic process, which cannot be modeled using the equilibrium based analytic methods used in mainstream economic theory. Israel Kirzner Israel Kirzner, an economist of the Austrian School, sees the entrepreneur as an arbitrageur who is alert to opportunities for profit that exist due to market disequilibrium. Harvey Leibenstein Harvey Leibenstein claimed that entrepreneurship is a creative response to x-inefficiency. Entrepreneurs are also gap-fillers, having the ability to perceive market opportunities and to develop new goods/services that are not currently being supplied. He postulates that entrepreneurs have the special ability to connect markets and make up for market deficiencies. Additionally, drawing from the theories of J.B. Say and Richard Cantillon, Leibenstein suggests that entrepreneurs have the ability to combine various inputs into new innovations in