What concept is Schumpeter known for in entrepreneurship?
Risk aversion
Innovation
Monopoly
Equilibrium
Answer
Innovation is the concept Schumpeter is known for in entrepreneurship. He believed that entrepreneurs drive economic growth through innovation, which involves introducing new products, processes, or business models. Schumpeter argued that innovation creates "creative destruction," where new technologies and ideas replace old ones, leading to increased productivity and economic progress.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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