This paper surveys the alternative theories of the entrepreneur`s functional role throughtout the history of economic thought in order to have the implication of the desirable roles of venture in Korea. We distinguished the functional role as arbitrag...
This paper surveys the alternative theories of the entrepreneur`s functional role throughtout the history of economic thought in order to have the implication of the desirable roles of venture in Korea. We distinguished the functional role as arbitrageur, coordinator, innovator, decision maker, and risk-bearer. The last category contains three subgroup: speculator, decision maker of risk, and owner. Although there is no the generally accepted theory of entrepreneur, we suggest that we can choose and develop the appropriate theory in terms of the purpose of study. The major lessons from the discussion are as follows: (1) In the new economy, which is characterized by a knowledge-based economy, a network economy, and rapid technological change, the functional roles as decision-maker, innovator, and coordinator are required. (2) The educational system of management as weel as the whole ought to be improved in order to give the successive generations creativity and problem-solving ability, which are the core qualifications of entrepreneur in the new economy. (3) Relating to the role of coordinator, the concept of `Networked Incubator(NI)` by Hansen et al.(2000) can be a desirable model for Korea`s venture industry.