\fDefinition of an entrepreneur A person who entered into a contract with the government to perform a service or to supply stipulated products. Definition of entrepreneurship The state of being an entrepreneur. or the activities associated With being an entrepreneur. The activity of setting up a business or businesses. taking on financial risks in the hope of profit. During the 17th Century... The connection of the risk with entrepreneurship developed in the 17th century. Entrepreneur in 17th century In the 17 century we are introduced to a couple of entrepreneurs . John Law . Thomas Newcomen . James Watts . Richard CantillonIn 1719, his Mississippi Company absorbed John Law other trading companies and gained the (1671-1729) monopoly of all French overseas trade Sooner, the Monopoly on French trade eventually led to collapse Mr. Law's company. John law was a Frenchman, and one of the entrepreneurs in the 17th century period He was the founder of the royal bank of France and the Mississippi Company, which had an exclusive franchise to trade between France and the new world. In the year 1716 the French regent gave him permission to open a bank in France. He lend paper money to private entrepreneurs, business revived, and industry expanded.In 1719, his Mississippi Company absorbed John Law other trading companies and gained the (1671-1729) monopoly of all French overseas trade Sooner, the Monopoly on French trade eventually led to collapse Mr. Law's company. John law was a Frenchman, and one of the entrepreneurs in the 17th century period He was the founder of the royal bank of France and the Mississippi Company, which had an exclusive franchise to trade between France and the new world. In the year 1716 the French regent gave him permission to open a bank in France. He lend paper money to private entrepreneurs, business revived, and industry expanded.Thomas Newcomen Thomas Newcomen was a blacksmith _. iron merchant and engineer who is known for his invention of the steam engine. A steam engine was a. simple device that used boiling water to create mechanical motion to be utilized in useful work. The steam engine was used in many industrial settings. especially mining. where the first engines pumped water from deep workings. Thomas Newcomen (1664-1729) T Newcomen steam engine, 1747 Newcomen steam engine, 1856James Watt (1736-1819) James Watt was an engineering magnate and inventor who improved the Newcomen steam engine in ways that were vital to the changes brought by the Industrial Revolution throughout the world. In the year 1759 the creation of steam engines is what got Mr watts attention The original design of the steam engine is being used to pump water form mines for almost 50 year James watt was also the first person to experiment with different way to make photocopies by using multiple pen. He was the first to find out that an aqueous solution of chlorine can be used as bleach for fabric. He also discovered a cheaper way of producing chlorine.Richard Cantillon (1680-1734) Considered the father of economic theory for providing the first theoretical analysis of commerce in his Essai sur la Nature du Commerce en General, posthumously and anonymously published in 1755. He viewed the entrepreneur as a risk-taker, observing that merchants, farmers, craftsmen, and other sole proprietors "buy at a certain price and sell at an uncertain price", therefore operating risk. Credited with the discovery of economic theory and was the first to fully consider the critical role of entrepreneurship in the economy