Culture and entrepreneurs
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Transcript of Culture and entrepreneurs
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More on Cultural Capital and
Entrepreneurs
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“There are no entrepreneurs
without capital.”
Capitalism, Socialism and Democracy
Creative Destruction
Innovation and Entrepreneurship
Joseph Schumpeter(1883 - 1950)
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There are no active entrepreneurs
without cultural capital
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Intellectual
Financial Physical
Human
Culture
Entrepreneur
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What capital was used to create the iPhone?
Why wasn’t the iPhone created in Syria?
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bits and
atoms
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atomsthe physical universe
mass and energye = mc2
always with uscannot create or destroy
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bitsdigital computer technology
ones and zerosbinary digits or bits
software ideas intelligence intellectual
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creativityhow we combine
bits and atoms in new waysadding more bits to atoms
making things smarter
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ideas
inventions
innovations
human thought
inventors developing ideas
entrepreneurs successfully marketing inventions
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China U.S.
Manufacturing 2.5 trillion 2.0 trillion
Workers 100 million 12 million
Output per worker $25,000 $167,000
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$0
$45,000
$90,000
$135,000
$180,000
China U.S.
Output per Person
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Innovation - Productivity
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Innovation - Productivity
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Continuous Innovation
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discover Experimenting
idea
create
observe
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Ideas grow exponentially
Internet is an idea creation and testing
factory
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Culture
Entrepreneur
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Two types of entrepreneurs
value-capturing value-creating
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value-capturingentrepreneurs
lookingarbitrage
buy low sell highspace or time
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arbitragespace and time
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value-creatingentrepreneurs
new productsnew services
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Culture
Entrepreneur
trust in governmentvaluesinstitutionsinfrastructure rulesrespect and dignityproperty rightsrule of lawtaxesregulationsstable currencymobility