As defined by Ibnu Khaldun – Entrepreneur is seen as a knowledgeable individual

and is instrumental in the development of a city-state where enterprise will emerge.

This philosophy highlights the importance of knowledge among entrepreneurs as it
assist them on bringing about competitive gains and augmenting value creations in
knowledge-based economy. The entrepreneurs should not focus merely on
innovativeness of new products. Instead, they must also concentrate on gaining
more knowledge in order to develop their business and become more successful
thus able to contribute to their country.