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Entrepreneurial Leadership(1)

Entrepreneurial Leadership(1) - Entrepreneurial Leadership...

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Entrepreneurial Leadership Student name - Professor name - Course title - Date - Analyze and describe the founding leader(s), leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit . Thomas Edison is well known for three main inventions. Those being the light bulb, the phonograph, and the X-ray but the invention he profited from you may have never even heard about. In 1874, Edison invented the quadruplex telegraph, which allowed the transmission of two signals in each direction down one wire. He sold this invention to Western Union for the sum of $10,000 which was a large sum at that time. He used this money to create a work space to work
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on his other inventions. Edison would go on to found, cofound, or acquire more than 150 companies in more than a dozen industries, including General Electric. It is clear that this man possessed in abundance the skill of sowing entrepreneurial seeds that grew to change the world but was he able to capitalize off of his inventions. (Jonnes) Thomas Edison received zero profit from his invention of the phonograph, despite it being a huge social success. In fact, because of his failure to capitalize on the phonograph, investors went frigid on investing in his next innovation, the light bulb. Society turned out fine and the world has since made lots of money around Edison's inventions. But it's telling that Edison, himself, saw little from his work. This may be an unfortunate lesson for entrepreneurs today instead of the untold riches they maybe expecting, they could very well be taking a vow of poverty, the more innovative and game-changing your technology may be. Henry Ford, summed up Edison’s life when he said the following: “Mr. Edison was comfortably well off. He always had what he needed. But he was not a moneymaker . . . his own portion was a mere nothing compared with the wealth he created for the world.” But there’s more to Edison than his inventiveness, he established the GE Foundation, which has made millions of dollars of donations toward scholarships and grants. So he had a sense of social responsibility. Edison didn’t invent to make money he invented for the greater good of society. (Jonnes)
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