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Innovation is one of the most important function of an entrepreneur-discuss?
Wiki User
∙ 12y ago
-innovation is the specific tool of entrepreneurs,the mean by which they exploit change as an opportunity for a different business services.It is capable of being presented as a discipline,capable of being learned,capable of being practiced.
-The 'dictionary' meaning of innovation is''Introduction of new things''. So innovation is the mean of exploiting a business opportunites.innovation has a different meaning in economics. All goods(wheather physical product and services)are regarded as being made up three factors:nature raw material,physical and mental labour and capital.An innovation is a new combination of these three things.
Acc to Schumpeter,the basic function of entrepreneur was to innovate.He says that entrepreneur is basically an innovator and he introduce something new in the economy.Acc to him,an entrepreneur is one who carries out new combination of mean of production.The process of innovation may be following form-:
1)introduction of new products
2)use of new method of production
3)opening a new market
4)a new form of organization
Wiki User
∙ 12y ago
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