Entrepreneurialism and Society: New Theoretical Perspectives: Volume 81

We explore the acceptance of new contingent work relationships in the United States to reveal an emergent entrepreneurial ideology. Our argument is that these new work relationships represent a new social order not situated in the conglomerates and labor unions of the past, but on a confluence of neo-liberalism and individual action situated in the discourse of entrepreneurialism, employability, and free agency. This new employment relationship, which arose during the economic and social disruptions in the 1970s, defines who belongs inside an organization (and can take part in its benefits) and who must properly remain outside to fend for themselves. More generally, the fusing of entrepreneurship with neo-liberalism has altered not only how we work and where we work but also what we believe is appropriate work and what rewards should accompany it.

This paper contributes to a growing literature that examines entrepreneurship with a critical perspective, arguing for a research agenda that makes entrepreneurialism as discourse visible. We define the discourse of entrepreneurialism as a style of thinking and economic intervention that invites actors to pursue their interests by drawing on a limited notion of agency that locates itself in an imaginary economic universe independent of institutions, broad social contexts, and identity considerations. Associated with the global rise of neoliberalism, entrepreneurialism provides actors with tools and competences to imagine organizations in narrow, instrumental terms and with an idealized notion of agency. We argue that seeing entrepreneurial capacity in such a limited way makes it impossible to fully understand entrepreneurship as a phenomenon. Highlighting the adverse consequences of entrepreneurialism, we map areas of inquiry that can contribute to the emergence of a more effective and comprehensive critical research agenda concerning entrepreneurialism.

We argue that entrepreneurship emerged as a celebrated global cultural ideology during the neoliberal era; it is a product of the intensified celebration of the individual as the source of progress. As a result of these cultural roots, contemporary ideas of entrepreneurship are constituted by intertwined dimensions that reflect the sacred status of individuals; namely, vision and leadership. We illustrate our arguments about the expanded discursive celebration of entrepreneurship and its dimensions using the empirical example of changes in the content of Harvard Business Review articles over time. Our analysis of 13,117 abstracts and titles over the period 1925–2019 show an early focus on concrete industry settings, followed by a period dominated by formal organization and management, and then the rise of a focus on entrepreneurship, vision, and leadership since the 1990s. As a cultural trend, the discursive valorization of entrepreneurship is disconnected from the typical entrepreneurial experience (of failure) and from actual founding rates of new ventures (which decline in recent years). Moreover, the shift from liberal to neoliberal cultural ideologies supported a fundamental transformation away from formal management and organization and toward leadership and entrepreneurship. If the cultural foundations shift again, as recent global declines in democracy and trade suggest may be occurring, we are likely to see changes in the nature of the favored models for structuring economy and society.

Neoliberal political leaders such as Prime Minister Margaret Thatcher (1979–1990) and President Ronald Reagan (1981–1989) heralded entrepreneurs as capitalist heroes, yet for the most part, the policies they enacted did not help real entrepreneurs. Their image of a self-made entrepreneur who thrives in the absence of government action was fundamentally flawed. Their ideology impaired their ability to promote entrepreneurship because they viewed support for entrepreneurs primarily in negative terms as the removal of government tax and regulatory burdens rather than in positive terms as the cultivation of a dynamic market infrastructure. This article presents this argument in four steps, focusing on the US case: (1) how neoliberal reforms embodied internal contradictions; (2) how reforms to market governance undermined entrepreneurship; (3) how other neoliberal policies also failed to support entrepreneurs; and (4) how policies that violated neoliberal principles, such as industry and technology policies, were actually more supportive of entrepreneurs.

The assumption of wealth creation as the dominant motive underlying entrepreneurial efforts has been challenged in recent work on entrepreneurship. Taking the perspective that entrepreneurship involves emancipatory efforts by social actors to escape ideological and material constraints in their environments (Rindova, Barry, & Ketchen, 2009), researchers have sought to explain a range of entrepreneurial activities in contexts that have traditionally been excluded from entrepreneurship research. We seek to extend this research by proposing that entrepreneurial acts toward emancipation can be guided by different notions of the common good underlying varying conceptions of worth, beyond those emphasized in the view of entrepreneurial activity as driven by economic wealth creation. These alternative conceptions of worth are associated with specific subjectivities of entrepreneurial self and relevant others, and distinct legitimate bases for actions and coordination, enabling emancipation by operating from alternative value system perspectives. Drawing on Boltanski and Thévenot’s (2006) work on multiple orders of worth (OOWs), we describe how emancipatory entrepreneurship is framed within – and limited by – the dominant view, which is rooted in a market OOW. As alternatives to this view, we theorize how the civic and inspired OOWs point to alternate emancipatory ends and means through which entrepreneurs break free from material and ideological constraints. We describe factors that enable and constrain emancipatory entrepreneurship efforts within each of these OOWs, and discuss the implications of our theoretical ideas for how entrepreneurs can choose among different OOWs as perspectives and for the competencies required for engaging with pluralistic value perspectives.

Entrepreneurs and their ventures are often portrayed as unambiguously positive forces in society. Specifically, high technology and equity-funded startups are heralded for their innovative products and services that are believed to alter the economic, social, and even political fabric of life in advantageous ways. This paper draws on established theory on the causes of misconduct in and by organizations to elaborate the factors that can give rise to misconduct in entrepreneurial ventures, illustrating our arguments with case material on both widely known and less well-known instances of entrepreneurial misconduct. In venturing into the dark side of entrepreneurship, we hope to contribute to theory on entrepreneurship and organizational misconduct, augment entrepreneurship pedagogy, and offer ideas and examples that can enhance entrepreneurs’ awareness of their susceptibility to wrongdoing.