Entrepreneurship and societal impact

A rich stream of research has shown entrepreneurship as a powerful source for good. Entrepreneurship create new wealth, conceives different and efficient means of economic exchange and develops new products, by stimulating discoveries and innovation (Diamond and Plattner 1993). Entrepreneurship creates new institutions, firms, jobs, and industries, thus it is the driving force of any economy (Birley 1987). Entrepreneurship has contributed in resolving social problems thus enhancing social development For instance (Schumpeter 1942, 1950) as stated in (Zahra et al., 2009); (Larson 2011). Entrepreneurship advances a country’s productivity, promotes exports, and builds up the local and federal tax revenue of a nation (Low and MacMillan 1988). Entrepreneurship makes public goods accessible and available to the public, (Drucker 2006). Entrepreneurs create new jobs (Birley 1987), increases the tax level of a nation, create new products, (Low and McMillan, 1988), they innovate and make discoveries, thus creating new wealth (Plattner, 1993). Entrepreneurship promotes social development by solving social problems (e.g. Schumpeter 1942).

Entrepreneurs make goods available and accessible to the public (Drucker 2006). Entrepreneurs play an important role in the life of society (Brenkert, 2002). They carry out economic tasks that increase employment, create new organizations, uncover new production processes and perform other business activities which improve material well-being. Entrepreneurship is a creative and dynamic activity that brings together labour, capital, and business know-how. Entrepreneurs are widely seen as the engine of economic growth, social and technological growth. This has prompted the whole world to see entrepreneurship in that light. Thus these have invited the government, society and universities to support/promote the growth of entrepreneurship. That notwithstanding, “Is doing good doing well”?

Perhaps because entrepreneurship is widely accepted as a promoter of economic development and job creation in nations has blocked our knowledge about other issues. For instance, Looking on the negative side (dark side) of entrepreneurship could broaden our understanding or give us a better view of the actual contribution of entrepreneurship to the society.

However, there is a gap in the entrepreneurship literature which has largely escaped the minds of researchers. The socially unacceptable aspects of the entrepreneurial process has not been properly investigated. Social costs which are associated with entrepreneurship have largely escaped the minds of researchers (Zahra and Wright 2011).