Browse Author: Florence Vasquez

The role of the entrepreneur, according to Israel M. Kirzner

Israel Meir Kirzner is considered one of the most renowned economists of the Austrian school. In 2006 he received the World Entrepreneurship Research Award for the development of economic theory, where he highlights the role of the entrepreneur in economic growth.

For Kirzner, the primary function of every entrepreneur must be innovation, trying to discover with their skills all the opportunities that bring benefits that are not insight in the market.

The true role of a pure entrepreneur, as Kirzner cites, is to observe the existence of opportunities to be able to sell products at a price higher than what can be purchased. This entrepreneur tends to maintain the balance between buying at an attractive price to sellers and being able to maintain attractiveness to buyers , in this way it is possible to observe an entrepreneur whose role in the market is to maintain competitiveness .

On the other hand, it assigns the entrepreneur a role as a “savior of markets”, since he has the ability to improve processes and implement technological resources , in addition to making processes more efficient.

Regardless of whether the businessman or entrepreneur is looking for opportunities and innovation , the essence of their activities is to stay alert , in order to observe opportunities that no one else has detected , in the same way all this is based on generating markets open and competitive together with new knowledge and possibilities that no one has imagined.