BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Joseph Schumpeter first began to theorise about the characteristics and dynamics of innovation in the early 20th century conceptualising innovation as a process that involved at least one of the following five outcomes (Schumpeter, 1934):

Detailed explanation-2: -Two notable twentieth-century economists, Joseph Schumpeter and Israel Kirzner, further refined the academic understanding of entrepreneurship. Schumpeter stressed the role of the entrepreneur as an innovator who implements change in an economy by introducing new goods or new methods of production.

Detailed explanation-3: -Innovation basically means generating a new idea with which you can start a business and achieve a substantial amount of profits. Innovation can be in the form of a product, i.e., launching a product that no one is selling in the market.

Detailed explanation-4: -In Schumpeter’s theory, innovation is different from invention or discovery. The inventor is not necessarily an innovator. Innovation is the realization of a business idea, and the Schumpeterian entrepreneur is its maker. The visionary has a dream, but until he puts these ideas to work, he is not an entrepreneur.