why are entrepreneurs important 
entrepreneurship is one of the resources economists categorize as integral to production the other three being land natural resources labor and capital an entrepreneur combines the first three of these to manufacture goods or provide services they typically create a business plan hire labor acquire resources and financing and provide leadership and management for the business economists have never had a consistent definition of entrepreneur or entrepreneurship the word entrepreneur comes from the french verb entreprendre meaning to undertake though the concept of an entrepreneur existed and was known for centuries the classical and neoclassical economists left entrepreneurs out of their formal models they assumed that perfect information would be known to fully rational actors leaving no room for risk taking or discovery it wasn t until the middle of the 20th century that economists seriously attempted to incorporate entrepreneurship into their models three thinkers were central to the inclusion of entrepreneurs joseph schumpeter frank knight and israel kirzner schumpeter suggested that entrepreneurs not just companies were responsible for the creation of new things in the search for profit knight focused on entrepreneurs as the bearers of uncertainty and believed they were responsible for risk premiums in financial markets kirzner thought of entrepreneurship as a process that led to the discovery of opportunities fast forward to today entrepreneurs commonly face many obstacles when building their companies the three that many of them cite as the most challenging include overcoming bureaucracy hiring talent and obtaining financing 