ENTREPRENEURSHIP

Detailed explanation-1: -Anonymous Student. Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Detailed explanation-2: -The Schumpeterian entrepreneur is that economic actor who breaks the statics to push the economy toward development, which is not merely economic growth because development signifies that fundamental changes of the economy take place in the process.

Detailed explanation-3: -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-4: -It states that entrepreneurs imagine opportunities and have the creative ability to make choices. Furthermore, according to this theory, uncertainty and imperfect information play an important role because it is the presence of both these aspects that gives rise to opportunities for individuals.