View article

Joseph Schumpeter, the Austrian American economist who pioneered the study of entrepreneurship during the last century, in his paper “The Creative Response in Economic History”(1947), claimed that entrepreneurs change the world with innovations and technology. Those “wild spirits,” as he called them, are moved by an Unternehmergeist, or “entrepreneur-spirit”, a concept he coined to describe the intrinsic nature of entrepreneurs as creators of new things or improvers of something already existing.

History has proved that Schumpeter was a visionary social and business scientist. Seventy years later, the inventions of entrepreneurs such as Bill Gate in Microsoft, Steve Jobs in Apple, Mark Zuckerberg in Facebook, and Walt Disney, to name a few, have drastically changed every corner of the earth and the way people communicate, work, and entertain. The inventions of entrepreneurs have added value, not only …