... better companies to topple the old. These ideas attracted much attention in his 1942 book; capitalism, socialism and democracy. In this book Schumpeter believed that capitalism would be destroyed by its own success. He believed a sizable intellectual class that made its living by exploiting the systems of private property with all the freedom necessary for its existence. In the same book, he believed that capitalism sparked entrepreneurship. Indeed he was on of the first to lay out a clear concept of entrepreneurship. In general terms, entrepreneurship has different meanings. The earliest definition was "the entrepreneur shifts economic resources out of an area of lower productivity into an area of higher productivity" Drucker 1986 pg 19. Germany meaning "Enternehnuer" is the person who owns and manages a business. English meaning- "It is s new business starter" it is usually associated with small businesses. For Schumpeter, he saw entrepreneurship as innovation and defined the ...

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