ENTREPRENEURSHIP

Detailed explanation-1: -Entrepreneurship: Entrepreneurship is also critical to the process of creative destruction. The entrepreneurs who develop new products and technologies and disrupt existing markets are the agents of creative destruction.

Detailed explanation-2: -On the other hand, the theory of creative destruction suggests that over time, a newer technology will replace and render obsolete what we consider to be on the cutting-edge technologically today. So regulation that favors the new technology may, in unforeseen ways, hinder the next innovation.

Detailed explanation-3: -Entrepreneurship is considered as engine of economic growth.

Detailed explanation-4: -What causes creative destruction? Creative destruction is the process by which capitalist enterprise creates a continuously changing economy. The closing of old industries and businesses that are no longer profitable allows the resources to be used for more productive activities.