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Welcome back

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In this session,

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we are going to explore

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the definition of the entrepreneurship

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and the historical origins
of entrepreneurship

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Actually, many people think of
the entrepreneur

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as simply someone who runs their businesses

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But the concept of the entrepreneurship

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and entrepreneur goes much deeper

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and is rooted in diverse
academic traditions

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You may have heard of the term of

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the entrepreneurship many times,

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but what does it truly mean?

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Let's first look at
the structure of world making

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Entrepreneurship is formed by

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combining the words entrepreneur

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and the suffix ship

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We have many such examples
in our daily vocabulary

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Let's take sportsmanship for example

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This term is made from sportsman and ship

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So what does it mean?

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It refers to the sportsman's
behavior and attitude

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in the sports area

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The sportsmanship is

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behavior and attitude in the sports area

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Then, what are they?

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Different people have different ideas

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Look at this

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What about fairness?

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Fairness is a good attitude

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and good behavior for the sportsman

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And other people said that

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What about respecting for the rule of game?

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We need to accept the result

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Or some people said that

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We should respect for our other players

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This is respect for other players

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In short,
although the general idea is simple,

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but its interpretation can vary

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people by people

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Another example would be the leadership

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Again, the leadership is
a combination of the leader and ship

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Leadership refers to a set of

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behavior or attitude for leaders

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I think it's a pretty simple definition

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But the problem was

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What are the behavior and attitude?

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Different people have a different idea

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For example, some people said that

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the great attitude or behavior of a leader

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would be motivating others

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Motivating others is
a very important behavior

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Or what about charisma?

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Many people emphasize

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charisma or visionary or the ability

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to assign the right people to the right task

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There's no single

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and simple definition about the leadership

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Although we know leadership
or sportsmanship is a set of behavior

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related to the leader,
related to the sportsman,

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but the interpretations are different

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Same thing happen to the entrepreneurship

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So the entrepreneurship

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The words combined by two words
Entrepreneur and ship

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and this entrepreneur came from France

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In French,
the meaning of entrepreneur is

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someone who initiates something new

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We can define entrepreneurship as

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behavior and attitude for entrepreneur

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Entrepreneur means
someone who initiated something new

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We say the start of founders
or something like that

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So the problem was

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What exactly are
those behaviors or attitudes?

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Just like previous examples,
people have different ideas

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Let's look at the academic study

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that tried to answer
these questions scientifically

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This research was conducted
by Bill Gartner

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which is a well-known American scholar
in the field of entrepreneurship

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He conducted Delphi method

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Delphi method involves
gathering opinions from the experts

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Dr. Gartner asked
straightforward one question

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One question

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We often talk about entrepreneurship,

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but what does it really mean?

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What are the behavior and attitude

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or quality an entrepreneur should have?

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So he sent the questionnaire
to 283 individuals,

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and then he received the answers

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Although the return rate is low

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The results are different as we expected

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Some people said that

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entrepreneurship is about
starting new ventures

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Other people said that entrepreneurs share

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the financial risk, management risk,

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and perhaps more importantly,

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put their whole career on the line

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in their pursuit of
a new independent company

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These people emphasize
risk, career, and a new company

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Other people said that

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I want to define entrepreneurship

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as becoming owner-manager

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of a new or small company

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And any company

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Other people said that

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The innovation is important

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Innovative activities in combining resources

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to exploit new technology, invention,
or something like that

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So, Dr. Gartner then sent out

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follow-up letter and asked them

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Please make a ranking out of many attributes

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We talked about risk

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We talked about new businesses

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We talked about innovation

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and we talked about career

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Among those various attitudes
and various behaviors,

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can you please rank them?

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This is the second question

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He summarized the ranking

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This is the result

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Rank number three, what is it?

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Rank number three was
related to entrepreneurship,

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which is the behavior and attitude

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Three, innovation

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What is very important?

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What is important attitude and behavior

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related to the entrepreneurship?

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Innovation, rank three

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What ranked second?

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Ranked second attitude and behavior would be

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bring resources to pursue your opportunities

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So the entrepreneurship is about

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those behavior and attitude

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And then rank number one
attitude and behavior would be what?

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It would be new company creation

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You created your new company

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then you are entrepreneur,

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then it is entrepreneurship

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Which is very interesting

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So please keep that in your mind

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Those three attributes
and those three behaviors,

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those three attitudes are very important for

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understanding entrepreneurship

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Again, entrepreneurship is about

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attitude and behavior for the entrepreneur

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What are they?

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There are a lot of attributes

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But among many attributes,

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we say those three attributes
are very important

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From now on

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We will explore the origin of this concept,

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which is entrepreneurship

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So, three economists

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made a significant contribution
to the field of entrepreneurship

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The picture here is Richard Cantillon

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He lived in almost 350 years ago,

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and he was one of the earliest scientists,

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earliest thinker
to write about entrepreneurship

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He saw the entrepreneur
as a kind of a middleman

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Middleman who profit
from prices differences

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In his view

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Entrepreneurs purchase and sell
in uncertain markets,

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take a risk and use those risks
as opportunities

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Unlike wage workers,

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entrepreneurs do not
depend on fixed income

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Instead, they embrace uncertainty

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and pursue the profit

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by purchasing product
at a relatively low price

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and selling the product at

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a relatively, hopefully, expensive prices

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So, he thinks entrepreneurs
are not necessarily innovators

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For him, innovation is not necessary

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Entrepreneurs are same as traders

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who bear uncertainty and take a risk

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So, the key to entrepreneurship

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is uncertainty and the risk-taking

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You will watch the video

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This video will illustrate

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the trade of pepper from India to Europe

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Let's watch together,
and later we will discuss

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So, what do you think?

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During the Age of Exploration,

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European merchants imported
pepper and spices from India

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and sold them in Europe

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As you saw in this video,

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pepper at that time was very expensive

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So, a single successful voyage
could yield profit

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by exceeding the cost of
the production of the ship

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So, this is a classic example of
the risk-bearing entrepreneurship

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as Richard Cantillon argued

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Look at the picture

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This is another example of the economist

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who can contribute to
the concept of entrepreneurship

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His name is Jean Baptiste Say

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He was born in France but moved to England

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and then he observed what?

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He observed
the Industrial Revolution over there

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He defined the entrepreneur

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who combined the factors of the production

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Why?

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Because in the Industrial Revolution era,

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the production is very important

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So, the entrepreneurs are someone

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who combine those factors of production

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whether they are land or labor or capital

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In order to create something new, 
something valuable

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A valuable product or service

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They are not just managers
or they are not just investors

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They are not just inventors

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They successfully and creatively
organize the resources

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and generate the new value

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from the combination of the resources

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What attitude or behaviors are

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essential or necessary
for the entrepreneur?

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Jean Baptiste Say emphasized

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What about the judgment?

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What about persistence?

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What about experience?

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If you are good at judgment,

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if you are good at persistence

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and if you have great experience,

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then you are more likely to combine

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valuable resources
better than anybody else

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So, these are necessary to

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effectively combine and manage
the production factors

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I would like to give you
another example about

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Jean Baptiste Say's entrepreneur

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Let's watch together

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Did you watch the video?

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This video illustrates the moment

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when Lee Byung-chul,

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who is the founder of the Samsung Group,

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accepted some idea about

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semiconductor businesses
from his son Lee Kun-hee

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Why Lee Byung-chul is
Jean Baptiste Say's entrepreneur?

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I will explain more detail about him

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He is Lee Byung-chul

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and he is the founder of Samsung Group

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He started his businesses in 1938

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His first business is not
manufacturing businesses

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His business was trading businesses

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and also he started rice mill
around that time

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Then later, eventually,

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he made Samsung into
Korea's leading company

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in the sugar and textile area

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Later on, when he was 73 years old,

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he accepted his son's idea
about semiconductor

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and invested in semiconductors

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Despite the massive capital,

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complicated technology, and talent needed,

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Basically, he invested all he got

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in order to make
great semiconductor businesses

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So, today,

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Samsung leads the world
in the semiconductor area

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because of his decision and his investment

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That's why we say Lee Byung-chul is

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Jean Baptiste Say's entrepreneur

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I want to give you another example

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for the Jean Baptiste Say's entrepreneur

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Look at him

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He is Howard Schultz,

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who is the CEO of Starbucks

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He is very famous

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and you know what Starbucks is, right?

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The funny thing is,

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he is not the founder of Starbucks

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Actually, he was a salesman
for Xerox in New York

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and he sold coffee maker

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He visited early Starbucks store in Seattle

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and then he was hired as a marketer

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at Starbucks store at that time

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Back then, it was not

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a Starbucks coffee shop as we know it

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It was just a store that had a factory

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that roasted the coffee beans

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and sold the coffee beans produced there

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In other words

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It was just a factory

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and the factory driven stores

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Then, Howard Schultz
went on a business trip to Italy

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Then, he saw a well-developed

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coffee shop culture over there

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It was different from

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the coffee shop culture
in America at that time

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The people in America drank coffee

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at home and diner

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Actually, there were no
stand-alone coffee shop there

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So, like a coffee shop in Italy,

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he suggested stand-alone coffee shop

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to the founder of Starbucks

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But the founder of Starbucks
didn't accept his idea

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They didn't give good impression

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on Howard Schultz's proposal about

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the stand-alone coffee shop idea

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Then what happened?

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Howard Schultz quit the Starbucks

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and he decided to start his own coffee shop

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He received the investment of

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$300,000 from Starbucks founders

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and additional $100,000
from individual investors

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Then he created the company

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and opened the Italian style coffee shop

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and he called it Il Giornale

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This is Il Giornale coffee shop

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This is very similar to
the Italian coffee shop

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What about the result of the Il Giornale?

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The store was a huge success

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and attracted more than

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1,000 consumers a day in six months

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Two years later, what happened?

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Howard Schultz purchased
Starbucks he worked for

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and he created today's Starbucks

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In this way, Howard Schultz

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patiently realized his plan
despite the criticism

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He raised the fund through the investors

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and he combined all the resources
needed for the businesses

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and he tried to make new images

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What about the important
attitude or behavior in this case?

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Think about judgment like
Howard Schultz and persistence

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The ability to combine production factors

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Again, according to Jean Baptiste Say

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entrepreneurs are not just the middle man

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Entrepreneurs are someone

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who combine
the production resources very well

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After Jean Baptiste Say,

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there is another very important economist

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who contributed to
the field of entrepreneurship

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His name is Joseph Schumpeter

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He introduced idea of innovation

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According to him,

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entrepreneur is a person

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who breaks the old
and creatively creates a new thing

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This is image of entrepreneur
we often refer to today

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The person who bring
innovation and transformation

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So, the key to success of
the entrepreneurship

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key attribute,
and key behavior of entrepreneurship

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are creative destruction and innovation

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He introduced several
different types of innovation

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According to him,

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there are five major form of the innovation

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Innovation is a very important topic

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Right now, we don't have time

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So, we will cover the innovation

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in more detail in the next session