ENTREPRENEURSHIP

ASSIGNMENT-1
What is innovation?
Innovation is carrying out new combination of something, it is introduction of new goods,
technology, new market etc..,
Give an example why an entrepreneur is defined as a "Risk Bearer"?
Entrepreneur is a person, who buys capital at certain price and sells the outcome (good)
at uncertain price in the future. He may incur loss. This is the risk bearing characteristics
of the entrepreneur. He cannot pass on his risk to anyone else.
Define entrepreneurship according to Joseph. A. Schumpeter.

Entrepreneurship, as originally defined by Schumpeter, however, is much more than

just starting any new business. It is the introduction of truly revolutionary changes in
business methods and practices, including the launching of outstanding new
products, production techniques, and organizational approaches.