Entrepreneurship [Updated]

I've heard the following line attributed to several different famous people: "The problem with the French is that they don't have a word for Entrepreneurship." It's funny, of course, because "Entrepreneur" is a French word - there is no word in English.

Some writers and speakers on the subject will translate Entrepreneurship into English as "to undertake something," and Entrepreneur as "undertaker," explaining that undertaker in French doesn't have the same meaning as undertaker in English (which is silly, since the French don't say "undertaker," they say, "entrepreneur" -- you might recall the Steve Martin line: "Those French have a different word for everything!").

A better translation might be "between-taker" - but that too lacks the fullness of the term. There is no English translation. At best we can approximate it and, as with poetry, hope that its fuller meaning comes out not just in the lines written, but "between the lines" as well.

Entrepreneur is built on two words: Entre ("To be in") and Prendre ("To take").

"Preneur" is straightforward - the noun version of the verb "Prendre." A sound translation is "Taker."

"Entre," is often (correctly) translated as "between" -- as in "entre chien et loup", which literally translates as "between dog and wolf". That phrase is French idiom. It describes dusk, or that time of day (just before nightfall) when you wouldn't be able to distinguish between a dog and a wolf trotting towards you at that level of light. It is also used to describe the tension between habit - what is comfortable, familiar - and the discomfort of the unknown.

With "entre," it doesn't seem to be as much about being in between two things - physically or metaphorically - as it does to be "inside" or "within" the situation. To be in.

Entrepreneurship is perhaps better understood as pouring yourself into something that takes hold of you in the attempt to take a profit. It is a process of deep immersion into a specific opportunity - an attempt (based on a hunch informed by personal knowledge and market signals) to efficiently fill an unmet need or want in society. If you're right (customers want it) and you're good (faster than your competition, execute well), you are rewarded with profit, and profit is very good - because it means you've created real value for society.

In an MBM company we strive to create and maintain a culture of Principled Entrepreneurship™ - Each of us striving to maximize the long-term profitability of the company by creating real value for society while faithully conducting all affairs lawfully and with integrity.

It requires virtue and talent so that you can pour yourself into the opportunities that arise based on your comparative advantage. It demands a sense of urgency, discipline, accountability, judgment, initiative, economic and critical thinking skills and a risk-taking mentality.

To do all of the above equally and exceptionally well is an ideal to be strived for - to actually pull it off would, perhaps, be superhuman. But then, to me at least, the Principled Entrepeneur is the penultimate superhero.

Comments

[John Cooke]

Penultimate. Great word, Ben. I had to look that one up. I liked your comments about entrepreneurship and how you tied them back to the wording in the ten principles. I wanted to add how important connection to Vision is to entrepreneurship. Sometimes, in a company the size of Koch Industries, it can be easy to lose that connection and get lost in how my role actually contributes to the bottom line of billions of dollars of revenue. Without having a clear understanding of our specific company and group Vision it would be very difficult to maintain the initiative/focus/sense of urgency that is necessary to succeed at Koch (or any company). I believe that a principled entrepreneur should internalize these individual Visions and when their role no longer contributes to them, should begin asking questions of their supervisor and preparing for the next opportunity. Does anybody else agree?