Is wealth the only measure of success?
Having explored how being entrepreneurial can result in a huge range of different outcomes, by a variety of different entrepreneurial ‘types’, we are now going to think about how we know whether those outcomes are successful.
The accumulation of wealth is often seen as a typical indication of successful entrepreneurship. No matter their goals and values, most people would say that they would like to be comfortable and able to live off their earnings. Therefore it is reasonable to assume that people act entrepreneurially because they want to make money; a view supported by the economic perspective of entrepreneurship that we discussed in Week 1.
However, even if wealth is the primary aim of entrepreneurship, there are often other motivations at play that can lead to an entrepreneur developing a more nuanced idea of what success will look like for them.
Watch the video to find out what Matt Mount and Steve Jaynes from Deakin University think about wealth as a measure of entrepreneurial success.
Your task
Do you think wealth is the primary indicator of success in entrepreneurship?
Can you think of any alternative measures?
Share your ideas in the comments. Explore what other learners are saying and reply with your own thoughts.
Demystifying Entrepreneurship: How to Think Like an Entrepreneur
Demystifying Entrepreneurship: How to Think Like an Entrepreneur
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