2.Schumpeter’s View on who the entrepreneur is Joseph Schumpeter, a noted economist and the architect of the Theory of Economic Development (TED), made entrepreneurs central to TED and emphasized their role in developing the economy (Carree & Thurik, 2010). Schumpeter paid great attention to and made extraordinary efforts to the definition of entrepreneurship and innovative entrepreneurs. To him, entrepreneurship is something that disrupts market equilibrium and he considers it as the essence of innovation. Entrepreneurs, in his view, are those not only who have the ability to create new ideas, but also who show willingness to convert them into innovative business. According to him, entrepreneurs’ creative destruction affects industry dynamism and economic growth as they are the change agents and prime cause of economic development (Baycan-Levent & Kundak, 2009; Carree & Thurik, 2010). He argues that entrepreneurship occurs when innovating individuals (called entrepreneurs) carry out ‘new combinations’ (called enterprise) by means of productions to introduce a new product or method of production, open new markets, discover new sources of supply or develop a new venture (Schumpeter, 1934 as cited in Chell, 2008). It is obvious that Schumpeter viewed entrepreneurship as a function through which opportunities and possibilities are recognized and carried out in the economic sphere (Becker, Knudsen & Swedberg, 2012). Schumpeter argues that the function of entrepreneurship can be fulfilled by anyone without regard to his personality. In his own words, “Everyone is an entrepreneur only when he actually ‘carries out new combinations,’ and loses that character as soon as he has built up his business, when he settles down to running it as other people run their businesses” (Schumpeter, 1934, p. 78). He also explains what he calls as ‘new combinations’ as: