What is entrepreneurship? Explain the perspective of Schumpeter on entrepreneurship.
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Joseph Schumpeter, an eminent economist published many works on entrepreneurship. His theory of entrepreneurship directly says that entrepreneurship is innovation. Schumpeter pointed out that ordinary economic behaviour is more or less automatic, entrepreneurs on the other hand has always to think innovative.
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According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation.
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