Joseph Alois Schumpeter: Entrepreneur

Joseph Alois Schumpeter was Austrian economist. Explore interesting quotes on entrepreneur.
Joseph Alois Schumpeter: 26 quotes4 likes

“Since as we have seen the entrepreneurial qualification is something which, like many other qualities, is distributed in an ethnically homogeneous group according to the law of error, the number of individuals who satisfy progressively diminishing standards in this respect continually increases. Hence, neglecting exceptional cases — of which the existence of a few Europeans in a negro population would be an example — with the progressive lightening of the task continually more people can and will become entrepreneurs, wherefore the successful appearance of an entrepreneur is followed by the appearance not simply of some others, but of ever greater numbers, though progressively less qualified.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 6 : The Business Cycle

“The more the process of development becomes familiar and a mere matter of calculation to all concerned, and the weaker the obstacles become in the course of time, the less the “leadership” that will be needed to call forth innovations. Hence the less pronounced will become the swarm-like appearance of entrepreneurs and the milder the cyclical movement.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 6 : The Business Cycle

“The innovation is hazardous, impossible for most producers. But if someone establishes a business having regard to this source of supply, and everything goes well, then he can produce a unit of product more cheaply, while at first the existing prices substantially continue to exist. He then makes a profit. Again he has contributed nothing but will and action, has done nothing but recombine existing factors. Again he is an entrepreneur, his profit entrepreneurial profit. And again the latter, and also the entrepreneurial function as such, perish in the vortex of the competition which streams after them. The case of the choice of new trade routes belongs here.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 4 : Entrepreneurial Profit

“Why do entrepreneurs appear, not continuously, that is singly in every appropriately chosen interval, but in clusters? Exclusively because the appearance of one or a few entrepreneurs facilitates the appearance of others, and these the appearance of more, in ever-increasing numbers.”

Joseph Alois Schumpeter The Theory of Economic Development

The Theory of Economic Development (1934), Ch. 6 : The Business Cycle