According to Joseph A. Schumpeter the effective function of an entrepreneur is to __________

According to this theory, the entrepreneurs emerges because of individuals having certain psychological elements i.e., will power, self-intuitions, tolerance capacity

Schumpeter's most enduring legacy came from a six-page chapter in Capitalism, Socialism, and Democracy entitled____________

describe the dismantling of long-standing practices in order to make way for new technologies, new kinds of products, new methods of production, and new means of distribution

An individual who is willing to buy products without the full knowledge of how much he can profit from them

Entrepreneurs show initiative in undertakings, in organizing and recognizing social mechanism that turns resources into consumer goods and services while accepting risks and failures.

An individual who searches for change, responds to it and exploits it as opportunity.

Entrepreneurs are involved in obtaining information, do calculation, perform an act of will and supervision.

Entrepreneurs pursue opportunity beyond the resources that currently under one's control.

Entrepreneurs are involved in the creation process, who require the use of critical time and effort, while assuming any accompanying risks, while enjoying the material and psychic rewards that come as the result of the activity

They are people who take on the risk between buyers and sellers. An individual who creates a new business, bearing most of the risks and enjoying most of the rewards. *commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Seek to create scalable businesses within a short time frame. These individuals seek to build out a strong infrastructure by hiring the best talent and seeking the best investors. Sometimes, they have temperamental personalities that are suited to the fast growth they desire but may make personal and business relationships difficult.

Optimistic individuals with the ability to pick out financial opportunities, get in at the right time, stay on board during the time of growth, and exit when a business hits its peak. These types of entrepreneurs are concerned with profits and the wealth they will build, so they are attracted to ideas where they can create residual or renewal income. Because they are looking to find well-timed opportunities, opportunistic entrepreneurs can be impulsive.

those rare individuals that come up with a great idea or product that no one has thought of before. Think of Thomas Edison, Steve Jobs, and Mark Zuckerberg. These individuals worked on what they loved and found business opportunities through their vision and ideas. Rather than focusing on money, innovators tend to care more about the impact that their products and services have on society. These individuals are not the best at running a business as they are idea-generating individuals, so they often leave the day-to-day operations to those more capable in that respect.

These individuals are analytical and risk-averse. They have a strong skill set in a specific area obtained through education or apprenticeship. A specialist entrepreneur will build out their business through networking and referrals, sometimes resulting in slower growth than a builder entrepreneur.

The laissez-faire theory mainly advocates government non-intervention. Economic theorist _______ believed that the optimal functioning of markets needed minimal government intervention

Argues that demand drives supply and that healthy economies spend or invest more than they save. To create jobs and boost consumer buying power during a recession, held that governments should increase spending, even if it means going into debt.

This theory points to land and agriculture as the main drivers for development. However, the theory can be expanded to preservation and sustainable use of natural environment.

According to this theory, entrepreneurs stand to benefit from efficient production using machines and effective service provision that were enhanced by modern tools and equipment.

Technology is the main point in any economic development process. Modernization in production processes and service provision has been the selling point of many enterprises

Innovators or Entrepreneurs are the most important roles in economic development

new places, secluded areas, untraveled territories newly opened sites, restored structures, historical structures never before opened to the public, among others

ecohotels, glamour camping, homestay, short distance e-rides, healing camps, health hotels, new routes for walking tours, among others

historical festivals, new convergence activities, virtual events, age/gender-focused activities, time-sensitive activities, cook fests, among others

fusion food, cultural heritage cuisine, only locally available produce, local drinks and concoctions, indigenous gifts and souvenirs, creative designs, unique packaging, food tours, among others