BUS508_ASSIGN1 - An entrepreneur in its strictest form is a...

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An entrepreneur in its strictest form is a risk taker in the private enterprise system. They are people who go out into the business world with an idea and try to make that idea into a successful reality. People choose to become entrepreneurs for a variety of reasons, including being their own boss, financial success, job security, and as a lifestyle choice. Some people become entrepreneurs for the sake of profits alone (commercial entrepreneurs) and others become entrepreneurs to act as a catalyst for social change (social entrepreneurs). The fundamental difference between a commercial entrepreneur and a social entrepreneur is the mission that their business seeks to accomplish. Strictly speaking, on either end of the spectrum of entrepreneurship you have a commercial entrepreneur that seeks to provide a product or service for a profitable private gain and a social entrepreneur that seeks to create social value for the public good. Although that definition is somewhat simplified, it does state the key differences in the two types of entrepreneurs. However, we are finding that in today’s business world things are not so cut and dry. Although there are differences between the two types of entrepreneurship, it is argued that most entrepreneurs adhere to a hybrid style of entrepreneurship in where profits are not mutually exclusive with social value. Even at the extremes of either side, an organization that focuses solely on profits must provide some social value and an organization that focuses on social values must still operate in an economic reality. A commercial entrepreneur is usually what comes to mind when people think of an
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This note was uploaded on 01/30/2012 for the course BUS 508 508 taught by Professor Drfrederick during the Spring '11 term at Strayer.

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BUS508_ASSIGN1 - An entrepreneur in its strictest form is a...

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