 Because the sceptics stay out, successful entrepreneurs may well achieve a monopoly position until opinions change and imitators appear.Casson develops this simple approach in a number of directions.He presents his theory as an original synthesis of other approaches, including Richard Cantillon’s theory of risk-bearing, Frank Knight’s theory of uncertainty-bearing, Joseph Schumpeter’s theory of innovation, Friedrich Hayek’s theory of distributed knowledge, Israel Kirzner’s theory of opportunity-seeking and William Baumol’s theory of incentives.