Week 3 Reading Reflection

The biggest surprise for me from Chapter 2 was the psychic risk section. I had not really considered that the psychological impact from a failed business venture could be so catastrophic, but I can see now that it is a very real risk to consider. This is perhaps the one thing entrepreneurs place on the line when starting a new business that they many never be able to fully regain.

One part of the reading that was confusing to me was the typology of entrepreneurial styles chart. I understand the general idea of what it represents, but using terms like “activity seeking” or “risk avoiding” seem confusing to me on their own.

One question I have for the author is, can morally questionable acts in business ever be justified? For instance, if a charity engages in bribery so that they can get their supplies to those who need it? Another question for the author is, what is the most important thing (besides industry guidelines) to include in a company’s code of conduct?

One thing I disagree with is that there is a family and social risk to entrepreneurship. You prioritize what do you do in life, and if you decide the business you’re starting is more important than the family or friends you have, it is your own fault. Of course, an extra business trip or missing a party might be something that can’t be avoided, but constantly putting the business above your own relationships is the fault of the entrepreneur.