What is an entrepreneur?

Discussion in 'Markets & Economies' started by mmm....shiney!, Feb 19, 2018.

  1. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    The definition of an entrepreneur is someone who sets up a business and assumes all the risk in the hope of making a profit.

    Well in Queensland there is a Chief Entrepreneur. Which is kind of funny because he doesn't set up any businesses nor does he risk his own financial future.

    Only a government could come up with this. o_O

    https://advance.qld.gov.au/our-vision/chief-entrepreneur.aspx
     
  2. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    :lol: Well at least they picked a real entrepreneur for the job rather than some hack academic.

    This is a bit nitpicky, but technically an entrepreneur includes those people who rise up the hierarchy of large businesses as well as those who start up their own businesses. The distinguishing feature is more that they are the final authority in deciding on what to produce, how to produce, who to hire, how much to borrow, which capital to use, which innovations to attempt (a small business entrepreneur is naturally the final authority, but so is the CEO of bigger businesses with middle level managers). They are a self-selecting group in the market economy who earn their living by running businesses (often with at least some of their own capital at risk, but also often not). No government chooses them.
     
  3. Silverling

    Silverling Well-Known Member Silver Stacker

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    Did you guys see that big young fella on 60 minutes last night. In 2013 he risked 10k of his life savings on Bitcoin, everyone said he was mad including his family. He's worth $21 Million now, that is an entrepreneur in my books. I love hearing those sorts of stories. Not many people got that guts to do that and that's me included.:eek:
     
  4. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    A true entrepreneur is someone who is prepared to live for years like other people won’t so that eventually they can live like other people can’t.
     
  5. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    You couldn’t make it up....
     
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  6. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    It’s ironic isn’t it?

    Only a government could come up with the idea of a Department of The Free Market.

    But then we’ve got Departments of Education, and they’ve all done a dandy job of inhibiting most children’s desire to learn.

    Here’s a thought, instead of establishing another bureaucracy, the Qld government should actually do something tangible that would help businesses and reward entrepreneurship, like reducing commercial vehicle registration or abolishing stamp duty or payroll tax.
     
  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    They’re public servants. They take other people’s money and spend it. Nothing entrepreneurial about it, despite the personnel.

    But like trying to argue that Trump is acting like a businessman instead of a politician.
     
  8. bordsilver

    bordsilver Well-Known Member Silver Stacker

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  9. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    What's a bit sad is that the Qld government has enacted so much red and green tape barriers whilst simultaneously discouraging innovative, risk-taking behaviour that they saw the need to encourage entrepreneurialism. Rather than removing the nanny-state hurdles and disincentives, however, they go down this path instead and try to manufacture entrepreneurs by funding "incubators". Like most other government programs, though well-intended and initially starting with good ideas and/or people, the experience has shown that incubators get captured by the same bureaucratic, anti-entrepreneurial thinking that they are initially set up to avoid. The consequence is that the average quality of the innovations coming out of them decline over time and the founding mentors bugger off to be replaced by numpties.
     
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  10. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Lol.

    You can't expect achievement in the private sphere to be transferrable to the public. There is so much that is economically wrong in thinking so.
     
  11. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    @BB, LMAO.

    Just doing a cartoon up for you, not at your expense despite the glaringly obvious.

    I’ll post it soon.
     
  12. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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  13. renovator

    renovator Well-Known Member

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    Exactly ! Cross those bridges when they get to them.We dont need more on this end .
     
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  14. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    The trouble here is that after doing things for a while, people - in this case, the incubator operators - get good at it and get a feel for the different patterns shown by successful enterprises and unsuccessful ones. If you know what "the winning formula" is, you're going to try jamming it down the throat of every startup that comes through the door.

    Balancing the desire to see new businesses succeed with the need to let them make their own mistakes so they actually learn is a tough gig.

    The fact that the (unfortunately named) Chief Entrepreneur only has the job for a year is probably a pretty good idea.

    I went through the NEIS program many years ago when I was setting up my first business (government funded, run by the private sector). I'm setting up a new business now and actually dug out my notes from back then to get a refresher on the simple things I've forgotten over time.

    Best advice ever (from that course):
    1. Get a shoebox, put your receipts in it.
    2. Stop laughing and go find yourself a shoebox now.

    Note that this solves a problem which is entirely government created through the taxation system, but it's still easier to just put your receipts in the shoebox than restructure the entire government.
     
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  15. SilverDJ

    SilverDJ Well-Known Member

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    LOL
    No "entrepreneur" uses their own money.
    It's all about the Pitch Deck and sucking investors in, or if that fails, crowd funding.
     
  16. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    There are many barriers that entrepreneurs face, some are a natural consequence of the market they may be trying to tap in to in which case if they are successful they are rewarded for their efforts and their desire to forgo current consumption with profits at some point down the track.

    Many barriers are erected by governments, which is the point of this thread: to highlight the ludicrousness of establishing an office of the Chief Entrepreneur at the same time as erecting barriers around markets. May as well relabel it as the Office of the Chief Oxymoron.

    The economic conditions created by other governments erecting market barriers are another matter entirely and can be best dealt with by ensuring that any domestic barriers are torn down and establishing trade treaties like the TPP. This would attract investment here. Lowering taxes and abolishing duties is the most obvious and doesn't require extra expenditure or the establishment of more futile bureaucracies. Entrepreneurs will always go where they get the most reward for their risk.

    The Queensland government didn't have to establish another layer of bureaucracy using taxpayers money, all it had to do was listen to the Business Council of Australia or The Institute of Public Affairs. This experiment will be a failure. As usual.

    The mixed economy.

    https://mises.org/library/myths-mixed-economy

    Bewdy, the Qld government has bought a new machine so they can press more more buttons. Cue the Monty Python sketch? :p

     
    Last edited: Feb 20, 2018
  17. Jim4silver

    Jim4silver Well-Known Member

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    Unfortunately here in the US, the school system (public) when I was in school taught nothing of being an entrepreneur or running your own business. Everything was geared towards creating well-behaved workers who follow orders and become employees when they grow up.

    I started my own business over 10 years ago (at around 40 ish) in a field I had been in for 15 years at that point, and find it is very difficult to make lots of $$$ at it. I am great at the work product I produce, but my business skills are bad and I don't make nearly the money I should, based on my performance compared to others who do the same type of work. I make more than as an employee and have more free time than I would like (would rather be making $$$), so I shouldn't complain too much.

    In my mind I still have the employee mindset which is hard to change, at least for me. I read up on this a bit ago and it seems I am a self-employed worker instead of an entrepreneur, or something like that. In part it's my fault though, I choose a variation of work type in my industry that does limit my income a bit because of lower demand for it, instead of taking a wider range of work which would increase my bottom line. Also hard for me to delegate, so I wind up doing everything instead of having others assist, etc.

    I am still working on it though.
     
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  18. renovator

    renovator Well-Known Member

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    yep the simple things can get you sorted . Im forever telling my missus to put everything where it belongs. It annoys me like a mofo when i look for something & its not where it should be. Life is too short for easter egg hunts. Most successful people are very well organised & treat time as a commodity & something that shouldnt be wasted.
     
  19. renovator

    renovator Well-Known Member

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    lol you're on fire today shiney :cool:
     
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  20. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    That one. Let entrepreneurs fund their own marketing campaigns.

    You don’t need an Office of the Chief Oxymoron Entrepreneur to do that. A tax cut would do the same.
     
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