Abstract The paper articulates a knowledge-based balance sheet with reference to the location of knowledge and the structure of accountability. This framework shows that there are several generic strategies open to entrepreneurs. Although always constrained by the general framework of the capitalist mentality, historically variant structures of accountability explain changes in the more detailed patterns of entrepreneurial behaviour. The paper briefly reviews the main areas of entrepreneurial theory and takes an integrative and analytical view of entrepreneurship, offering the possibility of reconciling divergent interpretations of entrepreneurial behaviour, according to the location of knowledge and other assets and the structure of accountability. From this, it goes on to develop and test a typology of entrepreneurship. Rather than accept the argument that the ‘knowledge-based economy’ is a new phenomenon, based on recent technical discoveries, the paper takes the view that knowledge distribution and accountability structures are perennial features in a capitalist economy. The main empirical focus of the paper is therefore the process of industrialisation, exemplified by the experiences of British entrepreneurs in the latter part of the eighteenth and the nineteenth centuries. These examples illustrate how entrepreneurs were able to use knowledge to appropriate and accumulate wealth, both fraudulently and legally, as mediated by historically variant structures of accountability. The paper deals first with the generic business strategies of entrepreneurs and examples of opportunistic and fraudulent behaviour, then goes on to consider their attitudes towards networking and then their political lobbying stance. Conclusions argue that the analytical framework developed in the paper is well supported by historical evidence, showing that accounting theory can deepen our understanding of significant events, such as the British Industrial Revolution and offer useful commentary on other social phenomena, such as the role of entrepreneurs in ‘dynamic’ economies.