Here is feedback to a student in his M.B.A. course on Entrepreneurship (MGT403) for TUI University on economist Joseph Schumpeter (1883-1950) by Dr. Paul Rux:
In item 1, the "creative destruction" comes from Joseph Schumpeter, the first economist to study entrepreneurship. I love his "creative destruction" concept! It is the opposite of bail outs and stimulus packages.
In item 2, I am not sure making money must be the driving force for entrepreneurs. Money is only the measure of efficiency, and as Schumpter argues, money or profit, merely provides the fuel, resources for the next discovery, innovation. This is another reason I love Schumpeter.
In item 3, you link the two key dimensions of entrepreneurship. The first is ideas, new ideas. The second is organization to implement the ideas in the marketplace. You cannot succeed without both of them. The organization provides jobs; Schumpeter argues in the end job creation, preservation is the purpose of entrepreneurship, business. This is another reason why I love Schumpeter!
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