Like many other economists Schumpeter notes the advent of "big business" at the end of the 19th century and the beginning of the 20th century. This transformation threatens both the existing institutions and the main source of innovation: the innovation/entrepreneur couple. Since it favors the decline of what is called "entrepreneurship" today, the corporation provides fertile ground for the advent of socialism. After reorganizing Schumpeter’s business theory and clarifying his vocabulary, the paper analyzes this evolution. In Schumpeter’s work, the notion of "enterprise" does not refer to the place of production but to innovation, and the entrepreneur is not a manager but an economic actor who innovates, and therefore who undertakes. JEL code: B25