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  1. When considering your own business, it pays to look at the broader context, i.e. changes observed in entrepreneurship at the turn of the 20th and 21st centuries. They will be presented in this section.
  2. Almost a hundred years ago, Prof. Joseph Schumpeter, the nestor of modern entrepreneurship science, saw the entrepreneur as the creative destructor, who brings innovations and thus upsets the existing market structure . However, trends in modern industry branches in the 20th century (automotive, machine, chemical and pharmaceutical industries) did not support this innovative role of entrepreneurs. Technological progress took place in large corporations which had the R&D potential, human and financial resources required to implement high-volume production.
  3. As a result, in the second half of XX century, entrepreneurship was associated with small business operations in traditional sectors of the economy. Every morning, when going to the convenience store to get fresh bread, dairy products and fruit, we appreciate the hard-working owner, who had to get up much earlier to handle the supply and open the store. Still, we do not expect him or her to be innovative.
  4. Something started to change towards the end of the 20th century.Innovative start-ups began to appear, revolutionizing the operation of entire branches of the economy and threatening large, established corporations. The flagship examples of that are Microsoft, Apple, Dell or — at a later time — Google. As a result, at the turn of the 20th and the 21st centuries, the world witnessed the new face of entrepreneurship. A modern segment of innovative, dynamic entrepreneurs grew amidst large corporations on one hand and traditional small businesses on the other.

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