The great economist Joel Schumpeter emphasized that innovation is the key to entrepreneurship. Which of the following is a basic way to create a new business?

Question

Quizplus · Accepted Answer

Using new technology to produce a new product is a basic way to create a new business because it involves innovation, which is essential for entrepreneurship. Expanding upon old technology or developing current markets may not necessarily lead to a new business, and finding a less expensive source of resources may not involve innovation at all.

The Great Economist Joel Schumpeter Emphasized That Innovation Is the Key