ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -According to Schumpeter. (1934) the entrepreneur is the individual which innovates when he introduces something new in the market, either a product, a service or a method, although recognizing that a substantial part of these innovations imply a (re)combination of existing elements.

Detailed explanation-3: -Schumpeter is best known for his theories on business cycles and the development of capitalist economies, and for introducing the concept of entrepreneurship. For Schumpeter, the entrepreneur was the cornerstone of capitalism-the source of innovation, which is the vital force driving a capitalist economy.