This work is presented in the context of the Eighth International Conference of The Austrian School of Economics in the 21st Century, held in Vienna. Throughout it, I reflect on the concept of entrepreneurial function (which is the well-known backbone of the Austrian school of economics’ entire theoretical arsenal) and propose a redefinition that best fits the state of current thinking about it. The redefinition is based on two basic pillars: (1) the evolution that has taken place throughout thought within the Austrian school of economics and (2) theoretical reconsiderations on some of the fundamental characteristics of entrepreneurial function (creativity, human action as a function, and its relationship with ethics).