CONFESSIONS…of an arch‐entrepreneur
| Pages | 11-13 |
| Published date | 01 October 1980 |
| DOI | https://doi.org/10.1108/eb057132 |
| Date | 01 October 1980 |
| Author | Nicholas Stacey |
| Subject Matter | Economics,Information & knowledge management,Management science & operations |
CONFESSIONS
...of
an
arch-
entrepreneur
By Nicholas Stacey
Chairman,
Chesham
Amalgamations & Investments
Ltd.
THE FUTURE prosperity of the free
world's industrial societies is cur-
rently in the balance. It is timely
therefore that the role of the entrep-
reneur in industry and the conditions
which nurture his development
should be the subject of general dis-
cussion. Industrial capitalism and the
market economy, those twin engines
of prosperity, have been under siege
from time to time and particularly
during the past forty years. A better
understanding of the sources of hostil-
ity is desirable to prescribe remedies.
Modern industrial capitalism has
been the motor of material achieve-
ment and the entrepreneur its gover-
nor. An early recognition of the
industrial entrepreneur as a wealth
creator in 18th century England was
shortlived; he was soon stripped of his
lustre by critics. Earlier periods, too,
censored the then entrepreneur and
judged him on religious grounds,
indicating that the rewards of effort
brought "inequalities". The late 18th
and early 19th century middle and
upper class critics condemned the
entrepreneur on social grounds. The
successful entrepreneur became the
nouveau riche, and new money com-
peted well with old money.
None expressed their dislike of the
new industrial entrepreneur more
keenly that the English women novel-
ists of the period who felt vulnerable
by their success. And since literature
is the loom of language, many of its
values are accepted and transmitted.
As a result the British entrepreneur
has not received the acclaim to which
his activities and achievements often
entitle him. The disdain of business
and a dislike of entrepreneurship by
the middle class has undoubtedly
literary origins: this is the reason why
until recently the catchment area for
entrepreneurs in Britain was the
working class or immigrants of all
classes and nationalities.
The North American scene has
developed differently since the
entrepreneur has always enjoyed
social
esteem
- hence all social classes
want to join their ranks. The
wholehearted recognition of the
entrepreneur across the Atlantic has
unleashed vast resources of dynam-
ism, resulting in greater technical
progress and a higher standard of life.
The reason why Silicon Valley could
happen in California but not in Cum-
bria in the North of England is
explained by the generally higher
educational standard of the would-be
entrepreneur on the Western side of
the Atlantic, compared to its Eastern
approaches. There are signs that the
British entrepreneurs' educational
standards have also risen in recent
years.
This is a good augury for the
future of British industry.
Entrepreneurship is a quality which
thrives on opportunity and can be
encouraged by the social-
occupational milieu. Another fact
overlooked about entrepreneurship is
that it is not confined to founding
businesses. A 20th century develop-
ment has been a novel role for the
entrepreneur as an employee and not
as an owner. The professional type
entrepreneur usually takes over from
the founder entrepreneur and con-
solidates as well as expands the busi-
ness - he usually rules over the larger
firm.
The new entrepreneurial variety is
significantly better educated, on both
sides of the Atlantic and, presumably,
finds more fulfilment in getting hold
of the reins of a large corporation that
in starting his own from very small
beginnings. Such a man assumes a
dif-
ferent type of personal risk in the ful-
filment of his task; if he fails, he loses
his job, not his shirt, but it is a matter
for speculation whether it is less or
more difficult for a professional
entrepreneur to find a second chance,
if he failed at the first attempt, than
NOVEMBER 1980 11
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