The question asks about the proponent of the idea that the primary function of a new-age entrepreneur is innovation. Let's break down the options to determine why Schumpeter is the correct answer:
Henri Fayol: Fayol is known for his contributions to management theory, specifically for his development of the administrative theory of management. He identified five primary functions of management: planning, organizing, commanding, coordinating, and controlling, but did not emphasize innovation as a primary function of entrepreneurship.
Steve Jobs: While Steve Jobs is renowned for his innovative products and design thinking at Apple, he is not recognized as the original proposer of innovation as the primary function of entrepreneurship in academic literature.
Schumpeter: Joseph Schumpeter, an influential economist, proposed the theory of "creative destruction" and highlighted innovation as the key function of entrepreneurs. He believed entrepreneurs are crucial for economic development because they introduce innovations, which are essential for business dynamics and industry evolution.
Elon Musk: Elon Musk is considered a modern-day innovator and entrepreneur, known for his work with Tesla, SpaceX, and other ventures. However, like Steve Jobs, he is not the originator of the notion in the academic context cited in this question.
Therefore, given these evaluations, Schumpeter is the individual who proposed and popularized the idea that innovation is the primary function of an entrepreneur. His works significantly influenced how entrepreneurship is studied and understood today.
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