Table of Contents

World Encyclopedia of Entrepreneurship

World Encyclopedia of Entrepreneurship

Elgar original reference

Edited by Léo-Paul Dana

This comprehensive reference work, written by some of the most eminent academics in the field, contains entries on numerous aspects of entrepreneurship.

Chapter 17: Evolution of Entrepreneurship: Toward Stewardship-based Economics

Raymond W.Y. Kao, Rowland R. Kao and Kenneth R. Kao

Subjects: business and management, entrepreneurship


Raymond W.Y. Kao, Rowland R. Kao and Kenneth R. Kao At the 1995 Entrepreneurship Conference held in Shanghai and jointly run by China’s Fu-Dan University and Nanyang Technological University of Singapore, the senior author delivered an opening address in which he noted that entrepreneurship should be identified as a creative and innovative human activity that benefits both self-interest and the common good. A young attendee commented: In your address, you said that people in the drug-trafficking business are not entrepreneurs, but I think you are wrong. Drug trafficking is a business, and traffickers are just as much entrepreneurs as any other venture founders. They created the business, making money for themselves, and provide jobs for others. Why don’t you consider them to be entrepreneurs? The senior author responded: ‘Well, I don’t know about China, but in Singapore, a drug trafficker, if caught and found guilty as charged can be sentenced to death by hanging.’ Definitions are important. In this case, the difference in definition between what is considered to be an entrepreneur (in the questioner’s mind) and what is considered a criminal (in Singaporean legislation) is literally the difference between life and death. Definitions are there to serve as a guide, in a learning environment, helping to communicate knowledge among those concerned. It is broadly agreed that laws are created on the basis of justice to govern the limits of human behaviour and business conducted. But the law does not define justice. To enforce and interpret justice in the law...

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