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Entrepreneurs are individuals who accepts the risks and opportunities involved in creating and operating a new business venture (Ebert and Griffin, 2015). These people have particular characteristics such as effective problem solving, knowledge management and risk assessment. On the other hand, entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2007). Besides that, innovation is inventing a product or service that should be commercialised. Also, it should be widely dispersed to where its recognition leads to a permanent change.
Joseph Schumpeter’s point of view states that one is an entrepreneur when carrying out the process of incorporating the factors of production to generate a new good or service. They are no more entrepreneurs when the combinations are established as a business. He insists that the raw ideas and concepts are unique, and when they are merged the uniqueness is gone and therefore is refrained from being acknowledged as entrepreneurial.

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