Joseph Schumpeter defined entrepreneurship as creation and innovation which leads to a wealth producing demand. One example of a business I believe to be very entrepreneurial in nature is Facebook. I’ve discussed the company Facebook before in my blogs, but with an emphasis on finance and not on the spirit of entrepreneurship that was the cause of Facebook’s success.
Mark Zuckerberg and the founding members of Facebook were entrepreneurs in the sense that they saw a need, and created something to fill that need. In this case, Facebook was created to fill the lack of a viable social networking site. Facebook simultaneously created the demand and the supply of a new industry. Facebook is entrepreneurial in nature because it continues to innovate and develop an industry which it helped form, and is now a majority stakeholder in. Examples of the innovation which Facebook continues to exhibit can be found in their constantly improving methodology, and their foresight into consumer trends.
If an entrepreneurial company is one which, through innovation and creation, produces wealth, then Facebook is an excellent example. By taking an idea and related skills, the founders were able to create one of the most impressive technology companies ever created.