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Theory of production

What is the most important function of an entrepreneur ? Risk bearing or innovation ?...


Balaji R

Balaji R

CA Foundation

6K+

07-Jun-20 10:34

24

Answers (3)

Risk-taking is perhaps the most important function of an entrepreneur. Modern production is very risky as an entrepreneur is required to produce goods or services in antici­pation of their future demand. Then comes the Innovation function of the entrepreneur, as emphasised by Schumpeter, is to make frequent inventions â?? invention of new products, new techniques and discovering new markets â?? to improve his competitive position, and to increase earnings.


Madhuri Veluri

Madhuri Veluri

Moderator

08-Jun-20 10:57

Hii


Vikram thakor

Vikram thakor

CA Final

5

09-Jun-20 09:11