I just looked, and my last blog was posted July 4, 2017. That was over two months ago. It is time to begin working on writing a bit more. As I pondered what to write about today I thought through many topics. I could write a piece about DACA. I know several students who are covered by DACA. The only reason DACA was necessary was congressional inability. I am afraid that is what will happen now. I hope not because I do support the young people covered by DACA, I guess I am a dreamer supporter. So Congress, do the right thing and help them have a path to citizenship.
Or I could write about the level of hate in this country. Alt-Right and Alt-Left are terms that reflect the level of dysfunction that has developed. There is no place in this country for Nazi’s or White Supremacists, they are hate mongers who have been in existence far too long. We also have the Anti-Facists, Antifa, that are considered anarchists and really don’t care about meaningful dialog in any manner. So the left has their issues too.
However, both of those topics have too many voices inflaming the rhetoric, and I don’t want to add wood to the fire, at least at this point. Therefore, I have decided to write about my favorite topic Social Entrepreneurship. I have just come across a great book, Entrepreneurship As Social Change, which is the “third book in a mini-series of four publications called Movements in Entrepreneurship” (Steyaert and Hjorth, 2006, p. xi). I am finding this book an incredible resource providing theoretical foundations and strong arguments for this thing we call Social Entrepreneurship.
Some of you may not know but where I teach, Warner Pacific College, has a Social Entrepreneurship program that has been both strong and weak at the same time. I was having a conversation about this with my Vice President, and boss, and we came to an agreement that our students have no problem with the Social part of the equation, but the entrepreneurship part is not as strong. This has me thinking about what to do next? How do we fix this?
Obviously, the phrase social entrepreneurship connects business and social in a way that implies transformation. Joseph Schumpeter is his classic work Capitalism, Socialism, and Democracy, develops the entrepreneurial essence of creative destruction. He describes this process as, “The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as US Steel illustrate the same process of industrial mutation – if I may use a biological term – that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in.”
This process of Creative Destruction is the life-blood of entrepreneurism. In 2009 the Economist demonstrated this reality in a section called Idea. It started the article with “Jean-Baptiste Say, a French economist who first coined the word entrepreneur in about 1800, said ‘The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.’ ” This definition has been applied to both entrepreneurship and Intrapreneurship, which is consistent with Schumpeter’s postulate.
The reason I want to regroup and revisit my ideas of social entrepreneurship, and main street capitalism in general, is because of the continual frustration with economic conditions in our country. My greatest fear is our young are looking for the benevolent state to provide them with a basic income, instead of working hard for the American dream. Their reasoning for this is because they feel the deck is stacked against them. I know this a huge generalization, but as I am energized to read again, I see the wisdom in what David Smick has written in his book “The Great Equalizer: How Main Street Capitalism Can Create An Economy For Everyone.”
Smick states that world-wide debt has grown to $180 trillion, as of 2015, which he argues is not the really scary part. “Here’s what is really scary. Throughout the world, the return on capital, the rate or income received from an investment, is often so low there are serious questions about how long borrowers will be able to service that massive debt, particularly when their debt is denominated in strengthening US dollars.” This coupled with the reducing number of dollars available throughout the world has created a tenuous situation where “the majority of people believe their children’s future is at risk.” To mitigate this they look to the state for single payer medical insurance, basic income, and other gifts so they can be comfortable in life.
It is my argument that by grasping the power of entrepreneurship, and main street capitalism, we can reclaim the “economic dynamism” needed to improve our productivity from 1.4% to 3.2% annual average, and regain our previous standard of living for all. This dynamic entrepreneurial spirit can create both social and economic growth that will be the great equalizer. This is what I want to write about.
And that is my thought for the day!