From the point of view of economists, entrepreneurship is best viewed as a function. The entrepreneur is what the entrepreneur does. Entrepreneurship was first described in economic terms by Cantillon (1755) who defined the components of trade, but the term was given importance by Say (1803). Modern entrepreneur theory is primarily concerned with the primary characteristic of knowledge seeking or discovery. The entrepreneur uses this knowledge in the reallocation of resources, where it is argued that the qualities of cunning and deviousness come to his advantage. The very nature of entrepreneurship, that is, doing something new and remote while making it unpredictable, makes it impossible to give a precise and universally acceptable characterization of it. Consequently, there is a diversity of opinion regarding its function and definition. In the neoclassical theory of the firm, entrepreneurial activity is analogous to a fixed endowment of factors because it places a limit on the efficient size of the firm. The static, passive role of the entrepreneur in neoclassical theory reflects the theory's emphasis on perfect information, which trivializes management and decision making, and on perfect markets, which do all the necessary coordination and leave nothing to the entrepreneur. Both the classical and neoclassical traditions are primarily concerned with the setting of natural or equilibrium prices. It is in the classical French tradition that the idea originates that profit is an income other than the capital received and which goes to the entrepreneur. The Cantillion entrepreneur, whether an undertaker, a landowner or a craftsman, is seen as somewhere in between, a speculator who takes the risk of buying goods at a certain price and attempts to sell them for a profit, either in their original condition as new products. Therefore, as Kirzner (1973) would say, this entrepreneurial act consists in “realizing the existence of a market value that has so far been overlooked”. The unique characteristic of the Cantillion entrepreneur is the foresight and confidence to operate under conditions of uncertainty and it is argued that he successfully combines risk and uncertainty with the administrative decision-making of entrepreneurs. JB Say built on Cantillon's ideas and places the entrepreneur in a much more specialized and detailed role situation. He insisted that profit was a category of income entirely separate from interest, and it was this that established the main distinction between the English and French classical economists..