(iii) Entrepreneur as an Innovator

(iii) Entrepreneur as an Innovator Joseph A Schumpeter in the year used innovation as a criterion to define an individual as entrepreneur. According to him, entrepreneur is one who 12th Commerce Unit - - . . AM i. Introduces a brand new product in the market ii. Institutes new technology to produce a product iii. Discovers new course of supply of raw materials iv. Discovers new product hitherto untapped v. Puts in place a new form of organisation by establishing a monopoly or by dismantling existing monopoly. In all the concept of entrepreneur is intimately connected with three core elements namely risk bearing, organising and innovating.