Is greed an essential ingredient to be a successful entrepreneur 6


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Is greed an essential ingredient to be a successful entrepreneur 6

  1. 1. 1. INTRODUCTIONIn the new global economy and business world, entrepreneurship is increasingstudied by different scholars. Yet entrepreneurship topic such as whether asuccessful entrepreneur is motivated by greed in the entrepreneurial process, andwhether greed is ethical or unethical has received less attention. In this report, while variety of definitions of entrepreneurship have beensuggested by different scholars and researchers, the definition that suggested byHisrich and Brush (1985), which is entrepreneurship is the process of inventsomething new with value bestowing the necessary time and effort, considering theaccompanying financial, psychic, and social risks, and receiving the resultingmonetary rewards, personal satisfaction and independence. This objective of this report is to determine whether greed is an essentialmaking part to be a successful entrepreneur in entrepreneurial process and whetherentrepreneur greed is unethical. This report has been organized in the following way. Section two provides abrief history background about development of entrepreneurship. Section three willsthe review of literature of entrepreneurship and entrepreneur, process ofentrepreneurship, greed, greed in ethical and unethical in entrepreneurship. Section 1
  2. 2. four will be discussion part that integrates the research finding regarding the topicwith argument through several cases. Finally, section five is the conclusion partwhich sum up whether greed is an essential ingredient to be a successfulentrepreneur or otherwise. 2
  3. 3. 2. HISTORY BACKGROUND AND DEVELOPMENT OF ENTREPRENEURHIPThe word of entrepreneur is deriving from the French verb entreprendre, literallytranslate means “to undertake” (Kuratko, 2009). In the early 16th century,entrepreneurs were explorer hired by the French Military. By 1700, entrepreneur isresponsible to builder of military bridges, harbours, and fortification. Thus, sinceundertaking is a promise and a job, the original entrepreneur were hired to conductrisky or dangerous activity. Further, French economist had extended the term ofentrepreneur with including people who carry risk and uncertainty in order to createinnovation (Cunningham, 1996). Hisrich et al. (2008), has demonstrate the in the development ofentrepreneurship to five history timeline, such as earliest period, middle ages, 17thcentury, 18th century, 19th and 20 centuries. According to Hisrich, Peters and Sherpherd (2008), in the earliest period ofentrepreneurship, the most former definition of an entrepreneur, which is ‘go-between’ is Marco Polo, who has established trade path to the Far East. During thattime, Marco Polo has sign a contract with a money person, who is known as venturecapitalist in the present era, to trade his goods. The capitalist was a passive riskbearer while merchant-adventure like Marco Polo will took active role in trading andbearing all the risk. When the merchant-adventurer, successfully trade his goods, the 3
  4. 4. profit were divided, the capitalist will gain most of them as compare to the merchant-adventurer (Hisrich et al., 2008). During the middle age, the term of entrepreneur was use to depict both anactor and a person who supervise large production projects. However, in the largeproduction projects, this individual is free from risk, solely managed the projectutilizing the resources provided, usually by the government. Additionally, during thattime, entrepreneur was the cleric who in charge in architectural job, such as castle,abbeys, cathedrals, public building, and fortifications (Hisrich et al., 2008). When reach 17th century, the connection of risk with entrepreneurship starteddeveloped. This is due to entrepreneur at the time will enter into contractualarrangement with the government to conduct service and products trading job. Sincethe contract price is fixed, any resulting profit or losses will bare by the entrepreneur.Furthermore, Richard Cantillon, a economist during that time, has develop the earliertheories of entrepreneur and view the entrepreneur as risk taker, due to the collapseof the royal bank that operate by a Frenchman, John Law, who posses monopolyadvantage and attempt to boost the stock price of his company higher than value ofits assets, and eventually lead to the downfall of the company. Moreover, Cantillonview entrepreneur as risk taker is also due to he observed that regardless merchant,farmers, craftsmen, and other sole proprietors, usually purchase at a certain price 4
  5. 5. and sell at an uncertain price; therefore they are operating at a risk (Hisrich et al.,2008). In the 18th century, entrepreneur, the person who needed capital beendifferentiated from the capitalist, who the person has capital, which is known venturecapitalist in present day. A venture capitalist is a professional money manager whoperforms risk investment from the equity capital to gain high rate of return on theinvestment portfolios (Hisrich et al., 2008). In the late 19th and early 20th centuries, entrepreneurs were often notdifferentiating from manager, especially in economic perspective. This is due to ineconomic context, entrepreneur perform manager job such as required to organize,manage, and presume the risks of business or enterprise which represent processeswhich are beneficial to the society (Kyvik, 2009). In the middle 20th century, the opinion of an entrepreneur as innovator wascommenced. According to Schumpeter (1978), the role of an entrepreneur is toameliorate or revolutionize the pattern of production by attaining an invention, oruntried technological method of producing a new good or modify the in old one innew way, accessing a new source of supply of materials or new outlet for products,by coordinating a new industry. In addition, the capability to invent can be observedthroughout the history, especially the ancient Egyptians who designed and construct 5
  6. 6. the great pyramids out of stone blocks weighing many tons each, to the Apollo lunarmodule, the introduction of laser surgery and the wireless network in present day(Hisrich et al., 2008). 6
  7. 7. 3. LITERATURE REVIEW3.1 Entrepreneur and Entrepreneurship There is no typical accepted definition or model of who entrepreneur is orwhat entrepreneur does (Churchill & Lewis, 1986). The term of “entrepreneur” hasgenerally been devoted to the founder of a new business, or a person “who ventureda new business where there is none before (Gartner, 1985). According to Casson(1982), the entrepreneur is someone who specializes in taking judgmental decisionsabout the allocation of scarce resources. Baumol (1990), define entrepreneur as‘Person who are innovative and creative in identifying ways that increase their ownwealth, power, and prestige’. However, in the Marxism perspective, entrepreneursare depicting as profiteers who steal the value created by other people’s work(Hebert & Link, 1988). Vesper (1980) has described the role of entrepreneur through differentperspective, such as economist, businessman and also psychologist. Base on theeconomist perspective, an entrepreneur is the one who bring and assemblingresources, labour, material into combination that had been value-added, and also theone who introduce modification, innovations, and a new order. While, from thebusiness person perspective, an entrepreneur exists as a threat, an aggressivecompetitor, while for another businessman he or she might be an ally, a source ofsupply, a customer, or someone who formulate wealth for others, as well as searchbetter solution to utilize resources, reduce waste, and create job opportunity. Whilst 7
  8. 8. from the psychologist’s perspective, an entrepreneur is induce by the need to acquiresomething, to attempt, to achieve or may be to avoid control by others.3.2 The Entrepreneurial processA considerable amount of literature has been published on entrepreneurial process.According to Lumpkin and Dess (1996), entrepreneurial process is the stage ofpursuing a new venture, whether it is new products into existing market, existingproduct into new markets, and/or establish a new organization. There are four different stages in entrepreneurial process that develop byHisrich et al. (2008), which are recognition and evaluation of the opportunity,developing business plan, identifying the required resources and manage theenterprise. There are several aspects in the stage of recognizing and evaluatingopportunity such as opportunity analysis through opportunity plan, which is amethod that utilize in evaluating opportunity and decide the feasibility of theopportunity. In evaluation process involve identifying the magnitude of theopportunity, its perceived value, the risk and return of the identified opportunity,whether it accustom to the entrepreneur’s personal skill and goal, and also theuniqueness of the opportunity in the competitive environment where theentrepreneur establish his or her venture (Hisrich et al., 2008). 8
  9. 9. In the subsequent stage of entrepreneurial process, which is developingbusiness plan, entrepreneur has to develop a business is for the purpose of exploitand determine opportunity. A superb business plan is essential in assistingentrepreneur in developing opportunity and identifying the required resources formanaging the entrepreneur’s venture successfully. Obtaining the required resources in a reasonable time and giving up as littlecontrol as possible is the subsequent process in the entrepreneurial process. In thisstage, entrepreneur should strive to preserve as large an ownership position aspossible, especially in the start-up stage. This is due to as the business develops,more fund will be needed to finance the growth of the venture, expecting moreownership to be forego. Therefore, the needs and the desires of the alternativessuppliers of the required resources have to be identified and understand byentrepreneur, in order to form a deal that enable the entrepreneur to acquire theresources at the lowest possible cost and minimize the loss of control (Hisrich et al.,2008). The final process of entrepreneurial process is managing the enterprise; this isthe stage after the required resources are obtained. Entrepreneur must utilize theacquired resources to carry out the business plan. While the potential problem of theenterprise also has to examined, which involve implementing a management styleand structure, as well as the growth strategy for the enterprise. Additionally, 9
  10. 10. entrepreneur also has to develop a control system, so that the problem can bequickly identified and overcome (Hisrich et al., 2008). Besides, there is another entrepreneurial process that developed by anotherscholars, which is different from the entrepreneurial process that developed byHisrich et al. (2008). According to Hicks (2009), the entrepreneurial process iscommencing with an informed and creative idea for a new product or service. Theentrepreneur who is ambitious and tempestuous will takes initiative in developing theidea into a new venture or enterprise. The entrepreneur will persistently conduct trialand error on the idea and produce something with value. The entrepreneur will takeson the leading role in demonstrate the value of the new product to consumers andalso demonstrating to his or her new employees how to make it. The entrepreneurwill trades with customers and employees to win-win result and thus finally achievesuccess and enjoy the accomplishment. Hicks (2009), has further explain each stage of the entrepreneurial process. Inthe process of generating with informed and creative ideas is the stage which theentrepreneur express his or her vision and usually “thinking outside the box”, andimagination. They will provide judgement on which idea is feasible, which product orservice can be developed, whether the product is sellable and also what is thecurrent trend from marketing research. 10
  11. 11. In the stage of ambition, entrepreneur strives to achieve goals, to besuccessful, to ameliorate oneself, to be better off, and to be the best. Entrepreneuras an ambitious individual feel strongly the need attain their goals. In the initiativestage, as an entrepreneur requires enthusiasm. In this stage entrepreneur has createa business plan and turn the plan into reality which is similar to the development ofbusiness in the entrepreneurial process that develop by Hisrich et al. (2008). In thestage of gut, entrepreneur is willing to calculate the risk, to be aware the possibledrawback while avoid the fear of failure or disapproval to affect his or her decision-making. Hicks (2009), recognize that entrepreneurial success is never easy and realizeovernight. Thus perseverance or persistent is essential. In this stage, entrepreneurmust be persistent through the obstruction in the product development and must begood at short-term discipline and preserving their long-term motivations present intheir thinking. In the trial and error stage, entrepreneur is requiring to makealteration based on experience. Further, in the production stage, entrepreneur willcreating added value new good or service, producing it in quantity, and furtherimprove the quality. In the transaction stage, customer, employees, or venture capitalists whohave engage trade relationship with an entrepreneur will engage with win-win trade,exchanging value for value. It is due to entrepreneur will dealing with others on a 11
  12. 12. peaceful foundation according to productive merit and protecting one’s own interestand respecting the other party’s doing the same, diplomacy, and attain a mutualbeneficial result (Hicks, 2009). Additionally, entrepreneur will add value by introducing leadership to the tradewhen creating new product or service. Entrepreneur must demonstrate the value ofnew product or service to new customer and instruct new employee regarding theway to produce the new product or service. Finally, it is the stage when entrepreneurexperiences success and enjoyment. In this stage, entrepreneur receives materialrewards such as financial independence, and psychological reward such asexperiencing self-respect and also sense of achievement (Hicks, 2009).3.3 Greed“Greed” is in reality a relatively difficult concept that has employed by thinkers acrossall religions and philosophical traditions throughout history (Weizner & Darroch,2009). Greed is defined as a selfish and limitless covetousness for more of somethingsuch as money, than is needed (Merriam-Webster, n.d.). According to Johansson, Gustafsson, and Garling (2003), who had conductedstudy in the conflict between the influence of greed, efficiency, and fairness inallocation decision, they found that in a sanctioning system at controlling the utilize 12
  13. 13. of resource, a decision maker’s self-interest is uniform with maximizing revenues.Thus, they defined that self-interest as maximizing one’s payoff complying withquadratic payoff function. Etzioni (1990), determined that in the classic economic theory depictindividuals are acting like Homo Economicus, which means driving to maximize theirown economic dominance, thus he defining man as utilitarian, rational, andindividualist. According to Carson (2003), defenders of capitalism who advocatedlaissez faire capitalism, drawing that the motives of greed and economic self-interestfunction as promote the general welfare. Maitland (2002), argue that most of the moralist make confuse of self-interestwith selfishness, and oppose that self-interest commonly identified with self-absorption and neglecting the right and interests of other, money making, avariceand greed, materialism, hedonism, and profit maximization. He do not blamecorporation for maximizing profits as long as they treat their stakeholders withkindness and courtesy and comply the rule of the game.3.4 Ethical and UnethicalEthics is a subject of morality, and it is a respectable behavior (Omolewu, n.d.).According Morf, Schumacher, and Vitell (1999), ethic is the moral principle that 13
  14. 14. individual interpose into their decision making process and assist temper theconsequences to comply to the norms of theirs society. Appelbaum, Soltero, andNeville (2005), describe ethics as set of moral values that control a person behaviouror how an activity is performed, which commonly accepted by the society of whatcan be considered good in nature and otherwise. Both scholars, Appelbaum, Solteroand Neville (2005) further identified ethics as the moral standard of society, despitedifferent societies may have minor differences in their respective standard, theessential rationale of what is morally correct hold in most of them. The concept of ethic is related with providing society with range of what arethe good things to do, even though the concept may not commonly accepted by itsmember. In other words, ethics explore for the ultimate gain to the society instead ofindividual gain (Jones, Sontag, Becker, & Fogelin, 1977). The Civil Service Commission of Philippines (n.d.) has defined an unethicalbehaviour as any behaviour that forbid by law, while in business context, unethicalmeans the “large gray area” that cause hardly to distinguish right and wrong.According to Baucus and Near (1991), there are several behaviours that beenclassified as unethical, such as mail, and wire fraud, discrimination and disturbance,corruption, misuse of company assets, conflict of interest, bribery, fraud, illegalbusiness donation, pattern violation, and product liability. 14
  15. 15. According to Hosmer (1987), competing for scarce resources is one the reasoncause individual engage in unethical behaviour, he also emphasized the reasoninvolve in unethical behaviour is attempt to improve the company’s competitiveposition. Levicki et al. (as cited in Fassin, 2005), identified that three maindeterminants that may lead individual to conduct unethical behaviour are such as,greed and profit optimization, competition, and need to insure or restore the violatedstandard of justice.3.5 Relation between Entrepreneur and greedAccording to Robinson, Davidson, Mescht, and Court (2007), the ethics in businessoften cause entrepreneur encounter with selection in business that create tensionsbetween their need to be ethical and their desire to gain more profit. This tensionmay sometimes evident as the fundamental decision between private gain and publicbenefit, and this might lead to ethical dilemma. Both scholars found that whendecisions are without morally basis, entrepreneur may be influence by vices, such asgreed or selfishness. Cooke (as cited in Miles, Munilla, Covin, 2004), discovered that “greed” or thequest to achieve superior return, it the motivating factor for publicly held corporation 15
  16. 16. to innovate and involve in risky entrepreneurial initiative. Schmoller (as cited in Ebner,2005), argued that entrepreneur who perform the role in economic improvement,such as increase productivity and living standards would also come along withmotives of greed, stimulating social disintegration. According to Djankov, Qian, Roland and Zhuracskaya (2006), who hadconducted a pilot study on entrepreneurship in China and Russia to compared thepotentially factor that influence on entrepreneurship, found that entrepreneurs whoare greed means not willing to retire and strive to earn more money. Djankov et al.(2007), also found that the failure rate for entrepreneur whose main motive is greedis twice time higher than those entrepreneur whose primarily motivation is love joband greed is secondary. Fassin (2005), who had conducted a study on investigating on the factorsbehind unethical behaviour in business and entrepreneurship through discussion withentrepreneur in different economic circles, with industrial federation, withengineering association and with business school alumni, identified that money maythe essential motivation for entrepreneur, despite others might think that theentrepreneur greed for money. However, according to Ramanigopal, Palaniappan, and Mani (n.d.), who hasconduct research in determining the secrets of a successful entrepreneur, identified 16
  17. 17. that there are top ten reason entrepreneur new-venture start-ups fail, one the thefactor is due to the entrepreneur is blind by greed or arrogance. Similar, according toBaird (2001), an entrepreneur who is greed unable to become a successfulentrepreneur, with reason such as successful entrepreneur is prohibit from stealingtrade secret and customer lists which will cause conflict of interest. Moreover,Quigley (2011) also argued that greed is unrelated with founding a company, andbecome a success entrepreneur.3.6 Social EntrepreneurThe term of Social Entrepreneurship first applied between the 1960s and 1970s, andwidely used between the 80s and 90s, which introduced by Bill Drayton, the founderof “Ashoka: Innovators for Public” (Ferri, 2011). According to Austin, Stevenson, and Wei-Skillern (as cited in Urban, 2008),the main driver for an entrepreneur become social entrepreneur is due to the socialproblem that cause from political, such as the devolution of social functions national,as well as local level. Social Entrepreneur also provides resolution to social,employment, and economic problem where traditional market or public failed toovercome (Jeff, 2006). According to Carree, Stel, Thurik, and Wennekers, (2007),entrepreneur perform a significant social and economic role in influencing on societaldevelopment through creating social value. 17
  18. 18. 4.0 DISCUSSIONIn reviewing the literature, there is a strong relationship between greed andentrepreneur. In this part, will be the section to discuss whether greed is an essentialcharacteristics or trait to be a success entrepreneur. Most of us might think that theworld would be a better place if people were more caring and less greedy. However,there might be otherwise, means the world might not a better place too if everyoneis kind without those greed actor. Let’s take an example to examine whether the world will be better if there iswithout greed player. Jeff Ellis, an entrepreneur who head Ellis & Associates, Inc., aFlorida based company that provide aquatic risk management, lifeguard trainingprogram, and swimming instruction, has proven that greed is good and drive hiscompany to success. Mr. Ellis has decide to trained lifeguards instead of work withRed Cross, a non-profit organization, due to he want to make money and confidentthat his company will able to provide better trained lifeguards and in return withprofit (Stossel & Dorian, 2005). Although his company often criticized for being a profit base company tocompete with a non profit agency, but for Mr. Elis he think that a profit company willable to delivers a better service at affordable price. In order to win the business, Mr.Ellis persistently innovates, and he believes profit-motivate creative will eventuallylead his company to invent a better lifesaving techniques. Mr. Ellis’ company has 18
  19. 19. invented new tools such as “rear huggie”, which a rescue tube to rescue the victim,and the company also manage invent plastic mouthpiece to assist the Ellis &Associates, Inc.’s lifeguards perform mouth-to-mouth (Stossel & Dorian, 2005). In the competition between Ellis & Associates, Inc. and Red Cross, Mr. Ellis isaware that the complacency has kept Red Cross from coming up with new innovation.This is also the main reason Ellis & Associates, Inc beat Red Cross in the competitionwith there are hundreds of pools have switched from Red Cross lifeguards to thelifeguards trained by Ellis’s company. In additionally, the services provide by Ellis’company such as training and the follow-up has satisfied its customer (Stossel &Dorian, 2005). From above entrepreneurial case about Ellis & Associates, Inc., it hasdemonstrated that a greed entrepreneur, which money is the entrepreneur’s mainmotivation has qualified Mr. Ellis to be successful entrepreneur. His greed has madethe world better with new innovation. This case can be explain through the studyconducted by Fassin (2005), who found that money is the main motivation toentrepreneur, despite other view entrepreneur as greed. Furthermore, there is a real life case that demonstrates good side of greed inentrepreneurship. If greed unleashes the spirit of entrepreneurship and also drive theindividual to work for good things in life, the world might be better as well. This is 19
  20. 20. due to there are a lot of things are educe from self-interest or greed, and potentiallytransform to good for other as well. Social Entrepreneur is the typical example of heor she might be greed, but the greediness in helping other of the social entrepreneurhas improve people’s life. The Social Entrepreneur like Muhammad Yunus, the winner of the 2006 NobelPeace Prize and innovator of microfinance, could be view as greedy. This is due to hehad the quenchless thirst and passion to solve the problems of poverty, hunger andinequality. As the founder of Grameen Bank, he has come up with a way to featcapitalism and provides assistance to the poor. His bank has become a giant seedbedof entrepreneurship (Yoshikami, n.d.). The above case once again demonstrated every successful entrepreneur isdrive by greed, thirst, and unsatisfied desire to their goal. Furthermore, through thiscase greed for money is not necessarily the motivator of entrepreneurship; it israther a desire to achieve, and revolution to make something different. Financial gainis only serving as source of feedback and measurement for the progress being made(Yoshikami, n.d.). 20
  21. 21. 5. CONCLUSIONTo conclude, base the journal finding or reviewing and example of case, greed is oneof the essential ingredients to become a successful entrepreneur. Although greed isconsider unethical in business perspective context, due to it cause the disposition insociety as argued by Schmoller (as cited in Ebner, 2005). However, from the caseJeff Ellis of Ellis & Associates, although the entrepreneur is greed for profit, but hehas invented something new and provide quality service to customer and eventuallybecome successful. Moreover, the founder of Grameen Bank, Muhammad Yunus, heis a greed entrepreneur as well, but he is greed in different way, he has introducemicrofinance to help people who are needed due to he has limitless of thirst andpassion to solve the problems of poverty, hunger and inequality. In short, greed canbe in beneficial form and impact other for greater good. In contrast, in its worst form,it might able to undermine and devastate others. 21
  22. 22. 7. REFERENCESAppelbaum, S.H., Soltero, I.U., & Neville, K. (2005), “The Creation of An Unethical Work Environment: Organisational Outcome-Based Control Systems”, Equal Opportunities International, 24 (2), pp. 67-83.Baird, M. (2001). Distinctive Traits Seem Tied to True Entrepreneurs. Retrieved December 18, 2011, from, M.S., & Near, J.P. (1991), “Can Illegal Corporate Behavior Be Predicted? An Event History Analysis”, Academy of Management Journal, 34 (1), pp. 9-36.Baumol, W.J. (1990), “Entrepreneurship: Productive, Unproductive, and Destructive”, The Journal of Political Economy, 98 (5), pp. 893-921.Carree, M, Stel, V.A., Thurik, R. & Wennekers, S. (2007), “The relationship between economic development and business ownership revisited”, Entrepreneurship and Regional Development, 19(3), 281-291.Carson, T.L. (2003), “Self-Interest and Business Ethics: Some Lessons of the Recent Corporate Scandals”, Journal of Business Ethic, 43, pp. 389-394.Casson, M. (1982). The entrepreneur: An economic theory. Oxford: Martin Robertson.Civil Service Commission of Philippines. (n.d.). Enhancing Ethical Behaviour in Business and Government. Retrieved December 17, 2011, from 17.pdf 22
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