Creative Destruction Theory of Entrepreneurship
Joseph Schumpeter, a prominent economist, is widely recognized as a pioneer in the field of entrepreneurship. He placed human actors at the center of economic development processes and argued that entrepreneurs played a critical role in driving innovation and economic growth. Schumpeter's view of entrepreneurship was unique in that he saw it as a disruptive force that challenged the status quo and led to the creation of new markets and industries. He believed that entrepreneurs were not simply passive actors responding to market forces, but were active agents who sought to gain power through their ability to resist social pressure and overcome limitations in existing skill sets. The Theory of Creative Destruction Schumpeter is perhaps best known for his theory of "creative destruction," which celebrates the destruction of old ways, companies, and legacies to make way for the new. According to Schumpeter, this process involves the dismantling of established industries...
