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Joseph Schumpeter's innovation Theory on Economy of Entrepreneurship is as follows:-
Joseph Schumpeter's innovation theory of entrepreneurship (1949) holds an entrepreneur as one having three major characteristics, Innovation, foresight and creativity Entrepreneurship take place when the entrepreneur:-
*} Creates a new product
*} Introduces a new way to make a product
*} Discovers a new market for a product
*} Finds a new source of raw material
*} Finds a new way making things or organization
Joseph Schumpeter's innovation theory of entrepreneurship (1949) holds an entrepreneur as one having three major characteristics, Innovation, foresight and creativity Entrepreneurship take place when the entrepreneur:-
*} Creates a new product
*} Introduces a new way to make a product
*} Discovers a new market for a product
*} Finds a new source of raw material
*} Finds a new way making things or organization