This background defines the foundations for the work of IsrealKirzner, a student of von Mises. But while Kirzner agrees that all individuals are alert to new opportunities, only those who carry out action and implement the plans arising from opportunity identifications are truly entrepreneurs. In return for the entrepreneur’s alertness and ability to arbitrage he is justly rewarded with the profits. However, Kirzner does not see the act of pure arbitrage as being entrepreneurial. The definition must include a conscious decision to take advantage of some opportunity. This means the possible assembly of resources and managing of events over time in a conscious plan with no certainty as to the outcome.