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“Entrepreneurs are innovators” said Schumpeter. Briefly explain. |
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Answer» Schumpeter said that the profit is the reward of innovation. Those entrepreneurs who are able to produce a commodity which other producers have not produced, from that he can earn profit. So the entrepreneur has to be creative risk taken. By the time his competitors will reach his level, he should innovate another commodity that is why it is said that entrepreneur are innovators. |
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