ENTREPRENEURSHIP

Detailed explanation-1: -An entrepreneur brings economic development through innovation.

Detailed explanation-2: -The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.

Detailed explanation-3: -Two examples of successful innovators are Steve Jobs and Sergey Brin. While Steve Jobs created Apple, it’s important to understand that not all of his innovations panned out. However, the ones that did went on to be among the most popular products in the world.

Detailed explanation-4: -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.