What is entrepreneurship according to Frank Knight?

According to Frank Knight, entrepreneurship is primarily about bearing uncertainty and risk in the pursuit of profit. He distinguished between risk, which can be measured and calculated, and uncertainty, which is unquantifiable and unpredictable. Entrepreneurs, in Knight's view, are individuals who make decisions and take actions in the face of this uncertainty, thereby driving innovation and economic progress. This perspective emphasizes the role of the entrepreneur as a key figure in balancing risks and opportunities in the marketplace.