Innovation and Enterpreneurship

Most of the literature on entrepreneurship is anecdotal and of the “Look, Ma, no hands” variety. The best of that genre may be the book by George Gilder: The Spirit of Enterprise (New York: Simon & Schuster, 1984). It consists mainly of stories of individuals who have founded new businesses; there is little discussion of what one can learn from their example. The book limits itself to new small businesses and omits discussion of entrepreneurship in both the existing business and the public-service institution. But at least Gilder does not make the mistake of confining entrepreneurship to high tech. Far more useful to the entrepreneur—and to those who want to understand entrepreneurship—are the studies by Karl H. Vesper of the University of Washington in Seattle, Washington, especially his New Venture Strategy (Englewood Cliffs, N.J.: Prentice-Hall, 1980), and his annual publication, Frontiers of Entrepreneurship Research (Babson Park, Mass.: Babson College). Vesper, too, confines himself to the new and especially to the small business. But within these limits, his stimulating works are full of insights and practical wisdom.