BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -According to Schumpeter, innovative entrepreneurs would: Thrive in the market. Not survive and disappear from the market. Get absorbed within larger innovative businesses.

Detailed explanation-2: -Entrepreneurship, as originally defined by Schumpeter, however, is much more than just starting any new business. It is the introduction of truly revolutionary changes in business methods and practices, including the launching of outstanding new products, production techniques, and organizational approaches.

Detailed explanation-3: -Answer: Innovation: Another distinguishing function of the entrepreneur, as emphasised by Schumpeter, is to make frequent inventions-invention of new products, new techniques and discovering new markets-to improve his competitive position, and to increase earnings.

Detailed explanation-4: -Adoptive or Imitative Entrepreneur: There is a second group of entrepreneurs generally referred as imitative entrepreneurs. The imitative entrepreneurs copy or adopt suitable innovations made by the innovative entrepreneurs. They does not innovate the changes himself. They only imitates technology innovated by others.

Detailed explanation-5: -Innovative entrepreneurship is the practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals. Innovative entrepreneurs develop business models to identify to meet the needs of an organization and improve their competitiveness in the market.