Entrepreneur Economic Business

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1.0 Introduction

Wealth creation and economic growth has been one major factor which distinguish the developed countries from the third world countries and entrepreneurship is one of the main reasons, responsible for of the current progress of nations (Baumol, Litan et al. 2007). The identification of ‘entrepreneurship’ as a differential factor raises numerous challenges. One of those is to replicate the economic success in nations which lag behind, the developing countries and the third world countries. However it is of importance to answer some basic questions about entrepreneurship, what are its causes? What are its effects? And its different understandings and meanings specially when applied to wide arrays of contexts.

In the seminal literature there exists an inherent divergence. Richard Cantillon’s (who used the term entrepreneurship for the first time) defined an entrepreneur are “wholesalers in Wool and Corn, Bakers, Butchers, Manufacturers and Merchants of all kinds who buy country product to work them up and resell them gradually as the inhabitants require them”. This description essentially included ‘replicative’ entrepreneurs who set up a business for livelihood purposes. This type of entrepreneurship can be found in abundance in capitalist economies however in terms of impact on economic growth ‘innovative entrepreneurship’ is of higher significance. Schumpeterian entrepreneur is one of its kinds among thousands, a hero, motivated by higher order goals than mere profit earning, fights against the odds, battles risks and achieves success.

One implication of a celebrated figure of hero entrepreneur is that there is an elite group of higher order ‘homo-sapiens’ who are considered the driver of economies and whose vision will be followed by ‘lower order humans’. Those working for ‘real entrepreneurs’ will be working either as ‘cogs in a machine’ or entrepreneurially in some respects, depending on the type of organization and the economy they are in. While the few ‘real entrepreneurs’ enjoy the fruits of their success and find infinite reasons for their success the rest have to be content with what they are allowed to take. The speed and trajectory of progress of ‘the rest’ differs, e.g. someone working for Donald Trump or Bill Gates can earn a fortune and easily spun out their own organization. While a lady working on handicrafts in far flung mountains of Afghanistan may never get to know the real value of the art her fingers create. Surely not even in terms of monetary rewards leave alone the artistic and aesthetics appreciation of it.

Entrepreneurship is a multidimensional concept. For entrepreneurial venture to materialize many factors must get aligned at a critical junctures. Because of the ‘hero entrepreneur’ model considers the ‘successful innovative entrepreneurs’ it might ignore all those potentially innovative entrepreneurial ventures which could not materialize.

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