My favorite books on the transformational impact of entrepreneurship on society

Although Peter Drucker is best remembered as a management guru, he also produced some seminal work on the topic of entrepreneurship, of which Innovation and Entrepreneurship is the most comprehensive. The book explores the close relationship between creative problem-solving (or “innovation”) and successful/socially impactful entrepreneurship. In his lively prose, the fondly remembered business writer provides a rigorous review of the opportunities for entrepreneurship. 

For example, he discusses how “changes in perception” such as changes in how women see themselves in modern society, create opportunities for savvy entrepreneurs. Dr. Drucker also provides excellent insights regarding different forms of entrepreneurship. Perhaps most relevantly, he also explains the ways in which entrepreneurship impacts society and, in his view, makes the United States and some other developed countries more economically resilient. 

More so than almost any other economist of his stature, Joseph Schumpeter appreciated the central importance of entrepreneurship to any proper understanding of economics. After all, Schumpeter was the academic who popularized (but did not actually coin) the term “creative destruction,” now synonymous with the disruptive but ultimately beneficial process of innovative entrepreneurship.  

In Business Cycles, among other topics, the Austrian-born economist explains how the entrepreneur, defined as an “individual who carries out innovations,” interacts with the capitalist, defined as “the one who bears the [financial] risk.” Their collaborative work lies at the core of what Schumpeter describes as economic “evolution,” impacting the business cycle and the lives of everyone in a capitalist society. First published in 1939, Schumpeter’s observations still resonate over 80 years later.

The impact of entrepreneurship on society is clearly of great interest to the author, an economist at Indiana University. Often contrasting Europe, where Dr. Audretsch has spent a considerable amount of time, with his native United States, the author explores the socioeconomic implications of America’s transition from a job-for-life society to The Entrepreneurial Society. 

For example, he explains that the entrepreneurial thrust in American business and academia in the late 20th century/early 21st century have generated an impressive job-creating engine, especially in contrast to the relatively stagnant job growth in most of Europe. The Entrepreneurial Society stands as an important discussion about the impact of entrepreneurship on 21st-century society and the book’s transatlantic scope makes it particularly interesting. 

One of the more readable books on the topic of social entrepreneurship, Getting Beyond Better clarifies the mission of the modern social entrepreneur. Like many governments, the social entrepreneur is seeking to provide goods and services to fellow citizens but, unlike most governments, this do-gooder also must contend with the imperative to turn a profit, albeit not to the same extent as most “regular” entrepreneurs. 

Within this distinctive paradigm, social entrepreneurs may be empowered to tackle social problems in ways that are more sustainable, equitable, and benevolent than purely profit-driven entrepreneurship is capable of. For those eager to “do well” for themselves while “doing good” for society, Getting Beyond Better offers a compelling blueprint.

Bill Gates Speaks is a collection and analysis of some of the Microsoft mega-entrepreneur’s most intriguing quotes. Gates’ reflections on business, technology, social improvement (e.g., “I have no doubt that computers can help kids develop more of their mental potential”) and even government provide tremendous insight into the nexus of entrepreneurship and society. Especially considering his remarkable philanthropy in recent years, few people understand that relationship in the firsthand manner that Bill Gates does.