The literature of strategic entrepreneurship is one of the few areas of strategic management writing in which Joseph Schumpeter has argued that entrepreneurs create innovations in the face of competition and thereby generate economic growth. The fundamental question in the field of strategic management is how firms achieve and sustain competitive advantage especially in the work of Schumpeter [1934,1942] who argued that the main agents of economic growth are the entrepreneurs. The aim of this paper is to summarize and critically review the concept of the strategic entrepreneurship in the light of economics history by creating a better understanding of the intersection of the academic fields of entrepreneurship and strategic management