According to Henry, Hill & Leitch (2003), the word entrepreneur is derived from the French word "entrepreneur" which means to undertake, and the first person to introduce and use the word entrepreneur was Richard Cantillon. (1680-1734), Irish economist. Cantillon defined the entrepreneur as a person with the foresight and confidence to work under conditions where costs can be known, but rewards are uncertain (Bridge, O'Neill, and Cromie 1998). Therefore, it can be concluded that entrepreneurship requires foresight and a willingness to assume risks (Landstrom 1997, cited in Corbetta, Huse & Rovasi 2004). In short, it can be said that Cantillon's first concept of entrepreneurship emphasizes on taking risk to venture into a business. Van Praag (2005) divides the concept of entrepreneurship into five different groups which are l The classical approach, the neoclassical approach, the Schumpeterian, Knightly and neo-Austrian approach. Each concept will be discussed separately.3.1 The classical approachAccording to van Praag (2005), the famous French economist Jean-Baptiste Say (1767-1832) seems to be the first expert to have added the managerial role to the characteristics of the entrepreneur. The managerial role involves being involved in the combination and coordination of factors that influence the production process in order to adapt to unforeseen events and overcome problems (Bridge, O'neill, & Cromie 1998). In summary, the characteristics of entrepreneurs according to Say are the person who is in charge of production, distribution and consumption activities; a market and company level coordinator; a leader and manager within the company, a problem solver (van Praag 2005) and also a risk taker (Corbetta, Huse & Ravasi 2004). Therefore, according to Landstrom...... middle of article ...... the firm and responsible for all activities within the firm. Additionally, Knight added the concept of being able to manage aspects of uncertainty in the leadership role. Schumpeter brought a new aspect which is innovation in the definition of entrepreneurship. According to Schumpeter, the entrepreneur is a person capable of bringing change to the market. Later, Kirzner shares Schumpeter's concept and considers innovation as free discovery, that is, the process of finding something unique for the market. Besides all the differences, all economists include profit as one of the factors in the concept of entrepreneurship. However, the term profit is described in a different perception. Schumpeter describes profit as an indicator of success, Kirzner values ​​profit as the driving tool of entrepreneurial activity while others perceive profit as a return on entrepreneurial activities..