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| Article Name : | | | ENTREPRENEURSHIP AND INNOVATION | | Author Name : | | | VENKATANARAYANA.MIRIYAM | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | ISRJ-17 | | Article URL : | |  | Author Profile | | Abstract : | | | The chief characteristics of the entrepreneur are identified, one of which is the
ability to combine already existing resources in creative modes. Distinguishing between
"invention" (the discovery of new technical knowledge and its practical application to
industry) and "innovation" (the introduction of new technical methods, products,
sources of supply, and forms of industrial organization), all disrupting economic change
to innovations is traced and the innovator is identified with the entrepreneur. Because the
entrepreneur is the source of all economic change, capitalism can be properly
understood only in terms of the conditions giving rise to entrepreneurship. The
entrepreneurial role is not necessarily embodied in a single person. An entrepreneur may
be a capitalist or even a corporate manager, but whether all these different functions are
combined in one or more persons depends on the nature of capital markets and on the
forms of industrial organization. | | Keywords : | | |
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