What is Entrepreneurship?

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Are business and entrepreneurship fundamentally a positive force in society?

Throughout history, business has played a crucial part in the growth and advancement of civilization. However, some people — particularly those who see more crony capitalism than capitalism — have mixed feelings about it.

From the Judeo-Christian tradition’s perspective, business and enterprise can be positive human endeavors if they express God-given gifts and talents while contributing to a greater good beyond petty self-interests, as opposed to simply being driven by greed or envy.

The Christian view of business’ potential as a noble activity, coupled with the ideas of natural rights — chiefly individual liberty and property rights — led America’s Founders to hold business in high esteem. Indeed, many of them (like George Washington) had the entrepreneurial spirit and praised the spirit of industry and virtue which comprised the foundations of American commerce.

Entrepreneurship involves the following:

  • Entrepreneurs seek to find new ways to efficiently use scarce resources such as capital, raw materials, labor, and time.
  • Entrepreneurs then turn those resources into goods and services for the consuming public.
  • The profit and loss an entrepreneur experiences demonstrate his ability (or inability) to create and provide true value to customers.

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