What is an entrepreneur? An entrepreneur is a risk-taking businessperson or someone who initiates or finances new commercial enterprises. Are there two types of entrepreneurs? I believe that there are indeed two types. According to the Book, “The Myth of the Robber Barons,” there are successful entrepreneurs known as market entrepreneurs and political entrepreneurs. Folsom explains that market entrepreneurs and political entrepreneurs exist. He also mentions that no entrepreneur perfectly fits into one category, but most can be generally categorized. According to Folsom, political entrepreneurs resemble classic robber barons, conducting dishonest business practices. They receive government aid and often misuse the funds. Additionally, their products tend to have poor quality due to their lack of concern for producing reliable goods.
The main concerns of these individuals were their speed of completing tasks and their potential financial gains. They also relied on bribing both competitors and politicians to achieve what they wanted. While some of these entrepreneurs could be considered as robber barons, not all of them fit this description.
Market entrepreneurs make money in the free market by offering the lowest prices, highest quality, and excellent service to their customers and consumers. These market entrepreneurs excel in dominating markets and outperforming competition due to their superior skills and efficiency. They are often seen as risk-takers and kind-hearted individuals who contribute to society.
Many of these entrepreneurs generously donated money to those in need, built libraries, provided land for farmers, and even offered free or discounted travel fares.
Out of the entrepreneurs we examined, John D. Rockefeller was notable for his philanthropic efforts. He made generous contributions to educational institutions, religious organizations, and scientists who made significant advancements in combating diseases such as yellow fever, meningitis, and hookworm (Folsom 97). Rockefeller strongly believed in stewardship. According to the book, he donated an astonishing $550,000,000 to charitable causes before his passing, surpassing any previous American’s philanthropic contributions. While political entrepreneurs were not discussed in class, my research confirms their presence.
The political entrepreneur uses various methods, such as lobbying, political campaign contributions, and networking with government officials, to gain influence with the government. The purpose of this influence is either to win government contracts and make money or to push the government to create new rules and regulations that benefit their industry. After researching the presentations in class, I have noticed that Henry Ford can be considered a modern-day political entrepreneur. Ford developed an interest in politics and, as a successful and influential business leader, occasionally participated in political affairs.
He used this tactic to help him start his business. It is said that the political entrepreneur’s product does not have great quality; Henry Ford’s product contradicts the term. Overall, I do agree with Folsom when he says that there are two kinds of entrepreneurs, market and political. I feel that political entrepreneurs, like Folsom say’s, fit the classic robber baron mold. But, I also agree with his overall view of market entrepreneurs. I think market entrepreneurs are just what Folsom makes them out to be. I think that that they helped America grow and become the super power it is today.
