Baron's (2002) definition of entrepreneurship indicates that entrepreneurship involves a complex process in which specific individuals recognize opportunities and then act to convert them into tangible economic benefits by setting up a new business. This corresponds with Schumpeter's (1934, from: Elliot, 1983) early definition of entrepreneurship and entrepreneurs. He states that an enterprise is "a carrying out of new combinations" and entrepreneurs are the individuals whose function it is to "carry them out". According to Schumpeter everyone is an entrepreneur only when he is actually "carrying out new combinations, and he loses that character as soon as he built up his business.
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