Another development in economic history arises from Say’s unique view of the entrepreneur as operating in three stages (or as a process). In the first step the entrepreneur must know and understand the nature and purpose of the product to be produced. This is considered to be a scientific approach, one not emphasized before. The second step is the entrepreneurial process itself, the application of knowledge to create the product. Finally, the third stage is the actual production itself. What took place in these deliberations for the first time in recorded history was the realization that technology is an important component of the manufacturing activity .