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The Oxford English Dictionary defines entrepreneur as one who undertakes an enterprise specially contractor acting as intermediary between capital and labour. The classical economists did not attach much importance to the term entrepreneur, since under perfect competition the role of entrepreneur would change into a General Manager. Adam Smith , for instance, accorded little importance to entrepreneurship . Thus, right from Adam Smith to Marshall the role and importance of entrepreneurship was not accorded due importance. According to Schumpeter, an entrepreneur maximizes his profits by innovations . Innovation may refer to the introduction of improved methods of production , entering new markets , locating alternative sources for raw materials and organization of an industrial enterprise . Entrepreneurship is synonymous with entrepreneurial role.