Entrepreneurship Is Social by Carl Essay

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Schramm cites clothing as an example, but there are thousands of good examples. As companies had the ability to reach larger markets, they could invest more into their businesses. The result of those investments was a dramatic increase in the variety of goods available to the public, many of which contribute to better lives, if not longer. Advances in scale, Schramm notes, have resulted in the real cost of staple products being significantly lower today. He cites the Federal Reserve Bank of Dallas: "In 1919, an American had to work 10 hours to afford a basket of 12 food items. By 1997, the work time required to purchase their food basket had fallen to two hours."

Schramm mentions at this point that there have been other contributions, in both science and in the development of public service to protect things like water supply, that have also contributed to increased health and longevity. He feels that entrepreneurs should be on that last as well. To be fair, they usually are, even if specific ones have slipped from public consciousness.

Schramm notes some modern-day entrepreneurs such as Bill Gates for his work on improving communication Thus, by creating value to society that they do not hoard all to themselves, entrepreneurs are social entrepreneurs.

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He further makes the point that cell phones have revolutionize communications in the developing world -- a valid point -- and that this has given rise to new business models and innovations, and created opportunities for work that will life more people out of poverty.

The conclusion is that he believes that regular entrepreneurs will be lauded for their role in improving society, in particular with respect to companies that innovate and bring new ideas to the world. For some reason, Schramm does not think this is the case. It is interesting that in his essay he cites Bill Gates -- he was a household name long before he was a philanthropist, which illustrates the point that entrepreneurs do gain fame for their business works.

While Schramm is correct about the value of entrepreneurs to society, his argument gets sidetracked by rhetorical weakness, and an unfounded premise that entrepreneurs receive no credit. Social entrepreneurs in particular receive little credit in this world -- almost nobody knows who Mohammed Yunus is but everybody knows Steve Jobs. The greater points about the value of entrepreneurship, capital markets and free market capitalism get a little bit lost, and should have been expressed with better examples and with greater clarity.

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