ENTREPRENEURSHIP

Detailed explanation-1: -Schumpeter characterized creative destruction as innovations in the manufacturing process that increase productivity, describing it as the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."

Detailed explanation-2: -Schumpeter, the effective function of an entrepreneur is to start innovation in venture. This theory is also called innovation theory or dynamic theory. According to this theory, the entrepreneurs emerges because of individuals having certain psychological elements i.e., will power, self-intuitions, tolerance capacity.

Detailed explanation-3: -Creative destruction is a process through which something new brings about the demise of whatever existed before it. The term is used in a variety of areas including economics, corporate governance, product development, technology and marketing.

Detailed explanation-4: -Thomas McCraw of Harvard University talks about the ideas of Joseph Schumpeter from his book, Prophet of Innovation: Joseph Schumpeter and Creative Destruction.