Q.Write a short note on: Innovation

An entrepreneur performs five broad functions: (1) idea generation and opportunity identification — spotting the gap or need the enterprise will address; (2) risk-taking and uncertainty-bearing — the classical function described by Richard Cantillon and sharpened by Frank Knight, who distinguished insurable, measurable 'risk' from genuinely unmeasurable 'uncertainty', arguing that bearing uncertainty is the entrepreneur's real economic role; (3) innovation — Joseph Schumpeter's central contribution, describing the entrepreneur as one who carries out 'new combinations' (new products, processes, markets, supply sources, or organisational …