MBA term report

1. 1. INTRODUCTION
In the new global economy and business world, entrepreneurship is increasing
studied by different scholars. Yet entrepreneurship topic such as whether a
successful entrepreneur is motivated by greed in the entrepreneurial process, and
whether greed is ethical or unethical has received less attention.
In this report, while variety of definitions of entrepreneurship have been
suggested by different scholars and researchers, the definition that suggested by
Hisrich and Brush (1985), which is entrepreneurship is the process of invent
something new with value bestowing the necessary time and effort, considering the
accompanying financial, psychic, and social risks, and receiving the resulting
monetary rewards, personal satisfaction and independence.
This objective of this report is to determine whether greed is an essential
making part to be a successful entrepreneur in entrepreneurial process and whether
entrepreneur greed is unethical.
This report has been organized in the following way. Section two provides a
brief history background about development of entrepreneurship. Section three wills
the review of literature of entrepreneurship and entrepreneur, process of
entrepreneurship, greed, greed in ethical and unethical in entrepreneurship. Section
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2. four will be discussion part that integrates the research finding regarding the topic
with argument through several cases. Finally, section five is the conclusion part
which sum up whether greed is an essential ingredient to be a successful
entrepreneur or otherwise.
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3. 2. HISTORY BACKGROUND AND DEVELOPMENT OF ENTREPRENEURHIP
The word of entrepreneur is deriving from the French verb entreprendre, literally
translate means “to undertake” (Kuratko, 2009). In the early 16th century,
entrepreneurs were explorer hired by the French Military. By 1700, entrepreneur is
responsible to builder of military bridges, harbours, and fortification. Thus, since
undertaking is a promise and a job, the original entrepreneur were hired to conduct
risky or dangerous activity. Further, French economist had extended the term of
entrepreneur with including people who carry risk and uncertainty in order to create
innovation (Cunningham, 1996).
Hisrich et al. (2008), has demonstrate the in the development of
entrepreneurship to five history timeline, such as earliest period, middle ages, 17th
century, 18th century, 19th and 20 centuries.
According to Hisrich, Peters and Sherpherd (2008), in the earliest period of
entrepreneurship, the most former definition of an entrepreneur, which is ‘go-
between’ is Marco Polo, who has established trade path to the Far East. During that
time, Marco Polo has sign a contract with a money person, who is known as venture
capitalist in the present era, to trade his goods. The capitalist was a passive risk
bearer while merchant-adventure like Marco Polo will took active role in trading and
bearing all the risk. When the merchant-adventurer, successfully trade his goods, the
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4. profit were divided, the capitalist will gain most of them as compare to the merchant-
adventurer (Hisrich et al., 2008).
During the middle age, the term of entrepreneur was use to depict both an
actor and a person who supervise large production projects. However, in the large
production projects, this individual is free from risk, solely managed the project
utilizing the resources provided, usually by the government. Additionally, during that
time, entrepreneur was the cleric who in charge in architectural job, such as castle,
abbeys, cathedrals, public building, and fortifications (Hisrich et al., 2008).
When reach 17th century, the connection of risk with entrepreneurship started
developed. This is due to entrepreneur at the time will enter into contractual
arrangement with the government to conduct service and products trading job. Since
the contract price is fixed, any resulting profit or losses will bare by the entrepreneur.
Furthermore, Richard Cantillon, a economist during that time, has develop the earlier
theories of entrepreneur and view the entrepreneur as risk taker, due to the collapse
of the royal bank that operate by a Frenchman, John Law, who posses monopoly
advantage and attempt to boost the stock price of his company higher than value of
its assets, and eventually lead to the downfall of the company. Moreover, Cantillon
view entrepreneur as risk taker is also due to he observed that regardless merchant,
farmers, craftsmen, and other sole proprietors, usually purchase at a certain price
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5. and sell at an uncertain price; therefore they are operating at a risk (Hisrich et al.,
2008).
In the 18th century, entrepreneur, the person who needed capital been
differentiated from the capitalist, who the person has capital, which is known venture
capitalist in present day. A venture capitalist is a professional money manager who
performs risk investment from the equity capital to gain high rate of return on the
investment portfolios (Hisrich et al., 2008).
In the late 19th and early 20th centuries, entrepreneurs were often not
differentiating from manager, especially in economic perspective. This is due to in
economic context, entrepreneur perform manager job such as required to organize,
manage, and presume the risks of business or enterprise which represent processes
which are beneficial to the society (Kyvik, 2009).
In the middle 20th century, the opinion of an entrepreneur as innovator was
commenced. According to Schumpeter (1978), the role of an entrepreneur is to
ameliorate or revolutionize the pattern of production by attaining an invention, or
untried technological method of producing a new good or modify the in old one in
new way, accessing a new source of supply of materials or new outlet for products,
by coordinating a new industry. In addition, the capability to invent can be observed
throughout the history, especially the ancient Egyptians who designed and construct
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6. the great pyramids out of stone blocks weighing many tons each, to the Apollo lunar
module, the introduction of laser surgery and the wireless network in present day
(Hisrich et al., 2008).
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7. 3. LITERATURE REVIEW
3.1 Entrepreneur and Entrepreneurship
There is no typical accepted definition or model of who entrepreneur is or
what entrepreneur does (Churchill & Lewis, 1986). The term of “entrepreneur” has
generally been devoted to the founder of a new business, or a person “who ventured
a new business where there is none before (Gartner, 1985). According to Casson
(1982), the entrepreneur is someone who specializes in taking judgmental decisions
about the allocation of scarce resources. Baumol (1990), define entrepreneur as
‘Person who are innovative and creative in identifying ways that increase their own
wealth, power, and prestige’. However, in the Marxism perspective, entrepreneurs
are depicting as profiteers who steal the value created by other people’s work
(Hebert & Link, 1988).
Vesper (1980) has described the role of entrepreneur through different
perspective, such as economist, businessman and also psychologist. Base on the
economist perspective, an entrepreneur is the one who bring and assembling
resources, labour, material into combination that had been value-added, and also the
one who introduce modification, innovations, and a new order. While, from the
business person perspective, an entrepreneur exists as a threat, an aggressive
competitor, while for another businessman he or she might be an ally, a source of
supply, a customer, or someone who formulate wealth for others, as well as search
better solution to utilize resources, reduce waste, and create job opportunity. Whilst
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8. from the psychologist’s perspective, an entrepreneur is induce by the need to acquire
something, to attempt, to achieve or may be to avoid control by others.
3.2 The Entrepreneurial process
A considerable amount of literature has been published on entrepreneurial process.
According to Lumpkin and Dess (1996), entrepreneurial process is the stage of
pursuing a new venture, whether it is new products into existing market, existing
product into new markets, and/or establish a new organization.
There are four different stages in entrepreneurial process that develop by
Hisrich et al. (2008), which are recognition and evaluation of the opportunity,
developing business plan, identifying the required resources and manage the
enterprise. There are several aspects in the stage of recognizing and evaluating
opportunity such as opportunity analysis through opportunity plan, which is a
method that utilize in evaluating opportunity and decide the feasibility of the
opportunity. In evaluation process involve identifying the magnitude of the
opportunity, its perceived value, the risk and return of the identified opportunity,
whether it accustom to the entrepreneur’s personal skill and goal, and also the
uniqueness of the opportunity in the competitive environment where the
entrepreneur establish his or her venture (Hisrich et al., 2008).
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9. In the subsequent stage of entrepreneurial process, which is developing
business plan, entrepreneur has to develop a business is for the purpose of exploit
and determine opportunity. A superb business plan is essential in assisting
entrepreneur in developing opportunity and identifying the required resources for
managing the entrepreneur’s venture successfully.
Obtaining the required resources in a reasonable time and giving up as little
control as possible is the subsequent process in the entrepreneurial process. In this
stage, entrepreneur should strive to preserve as large an ownership position as
possible, especially in the start-up stage. This is due to as the business develops,
more fund will be needed to finance the growth of the venture, expecting more
ownership to be forego. Therefore, the needs and the desires of the alternatives
suppliers of the required resources have to be identified and understand by
entrepreneur, in order to form a deal that enable the entrepreneur to acquire the
resources at the lowest possible cost and minimize the loss of control (Hisrich et al.,
2008).
The final process of entrepreneurial process is managing the enterprise; this is
the stage after the required resources are obtained. Entrepreneur must utilize the
acquired resources to carry out the business plan. While the potential problem of the
enterprise also has to examined, which involve implementing a management style
and structure, as well as the growth strategy for the enterprise. Additionally,
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10. entrepreneur also has to develop a control system, so that the problem can be
quickly identified and overcome (Hisrich et al., 2008).
Besides, there is another entrepreneurial process that developed by another
scholars, which is different from the entrepreneurial process that developed by
Hisrich et al. (2008). According to Hicks (2009), the entrepreneurial process is
commencing with an informed and creative idea for a new product or service. The
entrepreneur who is ambitious and tempestuous will takes initiative in developing the
idea into a new venture or enterprise. The entrepreneur will persistently conduct trial
and error on the idea and produce something with value. The entrepreneur will takes
on the leading role in demonstrate the value of the new product to consumers and
also demonstrating to his or her new employees how to make it. The entrepreneur
will trades with customers and employees to win-win result and thus finally achieve
success and enjoy the accomplishment.
Hicks (2009), has further explain each stage of the entrepreneurial process. In
the process of generating with informed and creative ideas is the stage which the
entrepreneur express his or her vision and usually “thinking outside the box”, and
imagination. They will provide judgement on which idea is feasible, which product or
service can be developed, whether the product is sellable and also what is the
current trend from marketing research.
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11. In the stage of ambition, entrepreneur strives to achieve goals, to be
successful, to ameliorate oneself, to be better off, and to be the best. Entrepreneur
as an ambitious individual feel strongly the need attain their goals. In the initiative
stage, as an entrepreneur requires enthusiasm. In this stage entrepreneur has create
a business plan and turn the plan into reality which is similar to the development of
business in the entrepreneurial process that develop by Hisrich et al. (2008). In the
stage of gut, entrepreneur is willing to calculate the risk, to be aware the possible
drawback while avoid the fear of failure or disapproval to affect his or her decision-
making.
Hicks (2009), recognize that entrepreneurial success is never easy and realize
overnight. Thus perseverance or persistent is essential. In this stage, entrepreneur
must be persistent through the obstruction in the product development and must be
good at short-term discipline and preserving their long-term motivations present in
their thinking. In the trial and error stage, entrepreneur is requiring to make
alteration based on experience. Further, in the production stage, entrepreneur will
creating added value new good or service, producing it in quantity, and further
improve the quality.
In the transaction stage, customer, employees, or venture capitalists who
have engage trade relationship with an entrepreneur will engage with win-win trade,
exchanging value for value. It is due to entrepreneur will dealing with others on a
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12. peaceful foundation according to productive merit and protecting one’s own interest
and respecting the other party’s doing the same, diplomacy, and attain a mutual
beneficial result (Hicks, 2009).
Additionally, entrepreneur will add value by introducing leadership to the trade
when creating new product or service. Entrepreneur must demonstrate the value of
new product or service to new customer and instruct new employee regarding the
way to produce the new product or service. Finally, it is the stage when entrepreneur
experiences success and enjoyment. In this stage, entrepreneur receives material
rewards such as financial independence, and psychological reward such as
experiencing self-respect and also sense of achievement (Hicks, 2009).
3.3 Greed
“Greed” is in reality a relatively difficult concept that has employed by thinkers across
all religions and philosophical traditions throughout history (Weizner & Darroch,
2009). Greed is defined as a selfish and limitless covetousness for more of something
such as money, than is needed (Merriam-Webster, n.d.).
According to Johansson, Gustafsson, and Garling (2003), who had conducted
study in the conflict between the influence of greed, efficiency, and fairness in
allocation decision, they found that in a sanctioning system at controlling the utilize
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13. of resource, a decision maker’s self-interest is uniform with maximizing revenues.
Thus, they defined that self-interest as maximizing one’s payoff complying with
quadratic payoff function.
Etzioni (1990), determined that in the classic economic theory depict
individuals are acting like Homo Economicus, which means driving to maximize their
own economic dominance, thus he defining man as utilitarian, rational, and
individualist. According to Carson (2003), defenders of capitalism who advocated
laissez faire capitalism, drawing that the motives of greed and economic self-interest
function as promote the general welfare.
Maitland (2002), argue that most of the moralist make confuse of self-interest
with selfishness, and oppose that self-interest commonly identified with self-
absorption and neglecting the right and interests of other, money making, avarice
and greed, materialism, hedonism, and profit maximization. He do not blame
corporation for maximizing profits as long as they treat their stakeholders with
kindness and courtesy and comply the rule of the game.
3.4 Ethical and Unethical
Ethics is a subject of morality, and it is a respectable behavior (Omolewu, n.d.).
According Morf, Schumacher, and Vitell (1999), ethic is the moral principle that
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14. individual interpose into their decision making process and assist temper the
consequences to comply to the norms of theirs society. Appelbaum, Soltero, and
Neville (2005), describe ethics as set of moral values that control a person behaviour
or how an activity is performed, which commonly accepted by the society of what
can be considered good in nature and otherwise. Both scholars, Appelbaum, Soltero
and Neville (2005) further identified ethics as the moral standard of society, despite
different societies may have minor differences in their respective standard, the
essential rationale of what is morally correct hold in most of them.
The concept of ethic is related with providing society with range of what are
the good things to do, even though the concept may not commonly accepted by its
member. In other words, ethics explore for the ultimate gain to the society instead of
individual gain (Jones, Sontag, Becker, & Fogelin, 1977).
The Civil Service Commission of Philippines (n.d.) has defined an unethical
behaviour as any behaviour that forbid by law, while in business context, unethical
means the “large gray area” that cause hardly to distinguish right and wrong.
According to Baucus and Near (1991), there are several behaviours that been
classified as unethical, such as mail, and wire fraud, discrimination and disturbance,
corruption, misuse of company assets, conflict of interest, bribery, fraud, illegal
business donation, pattern violation, and product liability.
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15. According to Hosmer (1987), competing for scarce resources is one the reason
cause individual engage in unethical behaviour, he also emphasized the reason
involve in unethical behaviour is attempt to improve the company’s competitive
position.
Levicki et al. (as cited in Fassin, 2005), identified that three main
determinants that may lead individual to conduct unethical behaviour are such as,
greed and profit optimization, competition, and need to insure or restore the violated
standard of justice.
3.5 Relation between Entrepreneur and greed
According to Robinson, Davidson, Mescht, and Court (2007), the ethics in business
often cause entrepreneur encounter with selection in business that create tensions
between their need to be ethical and their desire to gain more profit. This tension
may sometimes evident as the fundamental decision between private gain and public
benefit, and this might lead to ethical dilemma. Both scholars found that when
decisions are without morally basis, entrepreneur may be influence by vices, such as
greed or selfishness.
Cooke (as cited in Miles, Munilla, Covin, 2004), discovered that “greed” or the
quest to achieve superior return, it the motivating factor for publicly held corporation
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16. to innovate and involve in risky entrepreneurial initiative. Schmoller (as cited in Ebner,
2005), argued that entrepreneur who perform the role in economic improvement,
such as increase productivity and living standards would also come along with
motives of greed, stimulating social disintegration.
According to Djankov, Qian, Roland and Zhuracskaya (2006), who had
conducted a pilot study on entrepreneurship in China and Russia to compared the
potentially factor that influence on entrepreneurship, found that entrepreneurs who
are greed means not willing to retire and strive to earn more money. Djankov et al.
(2007), also found that the failure rate for entrepreneur whose main motive is greed
is twice time higher than those entrepreneur whose primarily motivation is love job
and greed is secondary.
Fassin (2005), who had conducted a study on investigating on the factors
behind unethical behaviour in business and entrepreneurship through discussion with
entrepreneur in different economic circles, with industrial federation, with
engineering association and with business school alumni, identified that money may
the essential motivation for entrepreneur, despite others might think that the
entrepreneur greed for money.
However, according to Ramanigopal, Palaniappan, and Mani (n.d.), who has
conduct research in determining the secrets of a successful entrepreneur, identified
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17. that there are top ten reason entrepreneur new-venture start-ups fail, one the the
factor is due to the entrepreneur is blind by greed or arrogance. Similar, according to
Baird (2001), an entrepreneur who is greed unable to become a successful
entrepreneur, with reason such as successful entrepreneur is prohibit from stealing
trade secret and customer lists which will cause conflict of interest. Moreover,
Quigley (2011) also argued that greed is unrelated with founding a company, and
become a success entrepreneur.
3.6 Social Entrepreneur
The term of Social Entrepreneurship first applied between the 1960s and 1970s, and
widely used between the 80s and 90s, which introduced by Bill Drayton, the founder
of “Ashoka: Innovators for Public” (Ferri, 2011).
According to Austin, Stevenson, and Wei-Skillern (as cited in Urban, 2008),
the main driver for an entrepreneur become social entrepreneur is due to the social
problem that cause from political, such as the devolution of social functions national,
as well as local level. Social Entrepreneur also provides resolution to social,
employment, and economic problem where traditional market or public failed to
overcome (Jeff, 2006). According to Carree, Stel, Thurik, and Wennekers, (2007),
entrepreneur perform a significant social and economic role in influencing on societal
development through creating social value.
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18. 4.0 DISCUSSION
In reviewing the literature, there is a strong relationship between greed and
entrepreneur. In this part, will be the section to discuss whether greed is an essential
characteristics or trait to be a success entrepreneur. Most of us might think that the
world would be a better place if people were more caring and less greedy. However,
there might be otherwise, means the world might not a better place too if everyone
is kind without those greed actor.
Let’s take an example to examine whether the world will be better if there is
without greed player. Jeff Ellis, an entrepreneur who head Ellis & Associates, Inc., a
Florida based company that provide aquatic risk management, lifeguard training
program, and swimming instruction, has proven that greed is good and drive his
company to success. Mr. Ellis has decide to trained lifeguards instead of work with
Red Cross, a non-profit organization, due to he want to make money and confident
that his company will able to provide better trained lifeguards and in return with
profit (Stossel & Dorian, 2005).
Although his company often criticized for being a profit base company to
compete with a non profit agency, but for Mr. Elis he think that a profit company will
able to delivers a better service at affordable price. In order to win the business, Mr.
Ellis persistently innovates, and he believes profit-motivate creative will eventually
lead his company to invent a better lifesaving techniques. Mr. Ellis’ company has
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19. invented new tools such as “rear huggie”, which a rescue tube to rescue the victim,
and the company also manage invent plastic mouthpiece to assist the Ellis &
Associates, Inc.’s lifeguards perform mouth-to-mouth (Stossel & Dorian, 2005).
In the competition between Ellis & Associates, Inc. and Red Cross, Mr. Ellis is
aware that the complacency has kept Red Cross from coming up with new innovation.
This is also the main reason Ellis & Associates, Inc beat Red Cross in the competition
with there are hundreds of pools have switched from Red Cross lifeguards to the
lifeguards trained by Ellis’s company. In additionally, the services provide by Ellis’
company such as training and the follow-up has satisfied its customer (Stossel &
Dorian, 2005).
From above entrepreneurial case about Ellis & Associates, Inc., it has
demonstrated that a greed entrepreneur, which money is the entrepreneur’s main
motivation has qualified Mr. Ellis to be successful entrepreneur. His greed has made
the world better with new innovation. This case can be explain through the study
conducted by Fassin (2005), who found that money is the main motivation to
entrepreneur, despite other view entrepreneur as greed.
Furthermore, there is a real life case that demonstrates good side of greed in
entrepreneurship. If greed unleashes the spirit of entrepreneurship and also drive the
individual to work for good things in life, the world might be better as well. This is
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20. due to there are a lot of things are educe from self-interest or greed, and potentially
transform to good for other as well. Social Entrepreneur is the typical example of he
or she might be greed, but the greediness in helping other of the social entrepreneur
has improve people’s life.
The Social Entrepreneur like Muhammad Yunus, the winner of the 2006 Nobel
Peace Prize and innovator of microfinance, could be view as greedy. This is due to he
had the quenchless thirst and passion to solve the problems of poverty, hunger and
inequality. As the founder of Grameen Bank, he has come up with a way to feat
capitalism and provides assistance to the poor. His bank has become a giant seedbed
of entrepreneurship (Yoshikami, n.d.).
The above case once again demonstrated every successful entrepreneur is
drive by greed, thirst, and unsatisfied desire to their goal. Furthermore, through this
case greed for money is not necessarily the motivator of entrepreneurship; it is
rather a desire to achieve, and revolution to make something different. Financial gain
is only serving as source of feedback and measurement for the progress being made
(Yoshikami, n.d.).
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21. 5. CONCLUSION
To conclude, base the journal finding or reviewing and example of case, greed is one
of the essential ingredients to become a successful entrepreneur. Although greed is
consider unethical in business perspective context, due to it cause the disposition in
society as argued by Schmoller (as cited in Ebner, 2005). However, from the case
Jeff Ellis of Ellis & Associates, although the entrepreneur is greed for profit, but he
has invented something new and provide quality service to customer and eventually
become successful. Moreover, the founder of Grameen Bank, Muhammad Yunus, he
is a greed entrepreneur as well, but he is greed in different way, he has introduce
microfinance to help people who are needed due to he has limitless of thirst and
passion to solve the problems of poverty, hunger and inequality. In short, greed can
be in beneficial form and impact other for greater good. In contrast, in its worst form,
it might able to undermine and devastate others.
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