The world has shown us great Entrepreneurial examples and has also shown us that passion, attitude and capital are not the only requirements for setting up a successful venture. Among the additional requirements is getting your basics right. One needs to know precisely their goal, their strength. As such a clear cut idea is needed about the basic terms ‘Core competencies’ and ‘co-creation’ which are often misunderstood. Also with the slight shift of focus in entrepreneurship, ‘inclusive capitalism’ and ‘fortune at the bottom of the pyramid’ have become an indispensable part of the vocabulary of management gurus, writers, CEOs and students.