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Questions
"Entrepreneurs are innovators" said Schumpeter. Explain briefly.
"Entrepreneurs are innovators" Briefly explain.
Solution
According to Schumpeter, innovation is the most important function of an entrepreneur. The entrepreneur may introduce a new product, improve the old product, use new methods of production, find a new market for the product or find a new or cheaper source of raw materials. In this way, an entrepreneur is an innovator.
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