Entrepreneurship is a story of innovation and creativity. One may disagree with the exact terminology (i.e. “discovery”), but the essential point to take away is that entrepreneurship is not a given. It is an act of creation; production is a function of both the physical input of accumulated producers’ goods and human creativity, which is unique to the individual. In Hayekian terms, if we imagine wealth as it exists today as a mass of “known” knowledge, it is the entrepreneur’s role to essentially jump into the sphere of the “unknown.” It is not just about “discovering” what has been as of yet undiscovered, but about adding to the body of knowledge (whether known or unknown).
Excellent excerpt from Jonathan M.F. Catalán at the Mises Blog
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