According to economist Schumpeter, the first step in entrepreneurial growth is:

Question

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According to Schumpeter, the first step in entrepreneurial growth is the process of creative destruction where innovations and new ideas replace old industries, products, or services. This process leads to economic growth and development by creating opportunities for new ventures and entrepreneurs to step in and fill the gaps left by outdated businesses. Therefore, the correct choice is D, creative destruction.

According to Economist Schumpeter, the First Step in Entrepreneurial Growth