Entrepreneurship - Week 2 Reading Reflection

(Question 1: What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?)

I am actually amazed at the multiple view points and approaches to entrepreneurialism outlined in the reading.  I have heard of many people in my career being called entrepreneurial or as being entrepreneurs.  It became a widely over utilized term like “business analyst” and so it had almost no meaning to me any more.  I was somewhat shocked that there is both a philosophical and economical viewpoint on the term and am very interested to continue the readings. 

(Question 2: Identify at least one part of the reading that was confusing to you.)

I’m still somewhat unclear as to the difference between a small business owner and an entrepreneur as defined by the book.  Based on the reading:

“Small businesses are independently owned and operated, are not dominant in their fields, and usually do not engage in many new or innovative practices. They may never grow large, and the owners may prefer a more stable and less aggressive approach to running these businesses; in other words, they manage their businesses by expecting stable sales, profits, and growth.”

“On the other hand, entrepreneurial ventures are those for which the entrepreneur’s principal objectives are innovation, profitability, and growth.”

Based on those two statements it seems that there are some defining characteristics; such as aggression of growth and acceptance of risk and profits.  However, then the book goes on to say:

Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment of providing value for some product or service. The product or service itself may or may not be new or unique but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources.

Which seems much more similar to the description provided of a small business owner. 

(Question 4: Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?)

I would suggest an edit here to draw in the idea that; while not all small business owners are entrepreneurs, a portion of small business owners did take major security and financial risks to fill a market gap; relative to their starting position. 

(Question 3: If you were able to ask two questions to the author, what would you ask? Why?)

Based on the definition of an entrepreneur; which includes risk taking, aggressive profitability and growth, I wonder if the author would call to much; or undertrained entrepreneurs a risk to the financial enterprise.  Considering the recent market crashes (mortgage crisis and dot com) were both brought on by every sense of the word entrepreneur; except of course the word sustainability. Similarly, should entrepreneurs be held to a higher level of accountability in society due to the risks that they endeavor on?  I’m thinking here of the MBA Oath written and signed by Harvard business students in 2009 following the mortgage crisis.

http://www.huffingtonpost.com/tom-morris/the-oath-an-ethics-promis_b_211624.html