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Theory of production

Economics

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

Balaji R

CA Inter

★ 6K+

07-Jun-20 10:34

364

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 anticiÂpation 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

CA Inter

★ 2K+

08-Jun-20 10:57

Madhuri Veluri

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 anticiÂpation 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.

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Thread Starter

Balaji R

CA Inter

★ 6K+

08-Jun-20 19:23

Hii

Vikram thakor

CA Final

★ 5

09-Jun-20 09:11

IndigoLearn

Theory of production

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