Entrepreneurship ( Part 1)

The understanding of entrepreneurship owes a lot to the work of economist Joseph Schumpeter and the Austrian School of economics. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of economics has had little room for entrepreneurs in their theoretical frameworks (instead assuming that resources would find each other through a price system). (source Wikipedia with ref. The Economist Magazine, March 11, 2006, pp 67).