‘Entrepreneur is an innovator playing the role of a dynamic businessman adding material growth to economic development’, is articulated by:

Correct option is C

The statement defining an entrepreneur as an innovator playing the role of a dynamic businessman contributing to material and economic growth is most closely associated with Joseph Schumpeter (1883–1950). Schumpeter viewed entrepreneurship as a force of "creative destruction" — entrepreneurs introduce innovations that disrupt existing markets and structures, pushing forward technological and economic progress.

According to Schumpeter, an entrepreneur is not just a businessman but a change agent, who brings new combinations in the form of:

• New products,

• New production methods,

• New markets,

• New sources of supply, or

• New organizational structures.

This view positions the entrepreneur as the key figure in economic development, fostering innovation, efficiency, and transformation through disruption.

Information Booster:

• Schumpeter introduced the concept of “Creative Destruction” in his book Capitalism, Socialism and Democracy (1942).

• He defined entrepreneurship as a dynamic process, different from mere business ownership.

• According to Schumpeter, economic development occurs in spurts driven by entrepreneurial innovation.

• He emphasized that profit is a reward for innovation and risk-taking, not routine business.

• Entrepreneurs, in Schumpeter’s model, are risk-takers and change leaders, not managers.

• Schumpeter’s theory inspired the innovation-driven economic models in developed countries.

• His work remains a foundation in evolutionary economics and innovation theory.

Additional Knowledge:

(a) Porter (1990):
Michael Porter is known for his competitive strategy and Five Forces Model, not for defining entrepreneurship in the Schumpeterian sense. His focus is on strategic positioning, industry structure, and competitive advantage, not the innovation-centric entrepreneurial role.

(b) Lichtenstein and Lyons (2010):
Their work focuses on entrepreneurial development systems and capacity building, especially at community levels. They emphasized the development of entrepreneurial skills over time, but did not define entrepreneurs in the innovation-economy-growth framework like Schumpeter did.

(d) Shane (2008):
Scott Shane is known for his individual-opportunity nexus theory, where entrepreneurship is the result of recognizing and exploiting opportunities. His work is influential but focuses more on opportunity recognition and psychological traits, not the macro-level innovation-driven role described by Schumpeter.