Entrepreneurship on steroids. That is what I call entrepreneurs who are consumed with raising as much money as they can, as fast as they can. When we confuse the means (raising capital and securing other needed resources) with the ends (building a sustainable business), we see entrepreneurship run amuck.
The goal of entrepreneurship is not simply to find the next big thing to lure venture capital or make a mad dash to a public offering. It is to create a venture that creates income and wealth for the entrepreneur and allows the entrepreneur to pursue other goals in life through this economic activity, be it creating more jobs in a better place to work, offering a better product to the customer, or making the world a little better place. The goal of entrepreneurship should be to build a good business — with legs — that will help build this entrepreneurial economy.
So on this theme I offer you one of the funniest, albeit somewhat depressing due its truth, videos I have seen in a long time: Here Comes Another Bubble v1.1 – The Richter Scale via YouTube.
(Thanks to Bruce Schierstedt for passing along this gem!)
Dr Jeff Cornwall
Co-founder of The Entrepreneurial Mind, serial entrepreneur and professor of entrepreneurship.
Your intention in making everybody aware about the true goal of an entrepreneur is really appreciative. I have also enjoyed and learned new things from the video.
Thanks for your post
Jeff, this sures feels like another bubble. I spoke with a Web entrepreneur yesterday who is getting some good traction with his free add-on for blogs. When he mentioned that his investors were likening his product to the next Google and that it could be worth billions, I quickly ended the conversation. $50 million — even that seems outlandish, but at least I can understand the logic of a sales price that is consistent with other sales of like Web products. But billions? What are these people thinking?
Anita