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Enterprise is a vital engine of economic development. Within the twentieth century, the understanding of entrepreneurship owes a lot to the work of economist Joseph Schumpeter throughout the Nineteen Thirties and different Austrian economists resembling Carl Menger , Ludwig von Mises and Friedrich von Hayek According to Schumpeter, an entrepreneur is an individual who is keen and capable of convert a brand new concept or invention proper right into a profitable innovation Entrepreneurship employs what Schumpeter referred to as “the gale of artistic destruction” to exchange in complete or partially inferior improvements all through markets and industries, concurrently creating new merchandise including new enterprise fashions.
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