Abstract
While economists have long recognized the role of entrepreneurs in economic growth, Schumpeter was the first economist to formalize the myriad roles that they play. Entrepreneurs have the following functions according to Schumpeter (1934 and 1939). First, they have the task of reorganizing industry; second, they exploit new sources of inputs; third, they introduce new technologies to reduce the inputs needed to produce a given amount of output; fourth, they open up markets; and fifth, they introduce new products.
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© 2003 C. Gopinath and Navendu Vasavada
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Sinha, D. (2003). The Rise of Entrepreneurship in India. In: Richter, FJ., Banerjee, P. (eds) The Knowledge Economy in India. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512986_9
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DOI: https://doi.org/10.1057/9780230512986_9
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