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The Art of Principled Entrepreneurship
Are you an entrepreneur, manager, employee, or business student seeking to lead in a people-centered way? The Art of Principled Entrepreneurship is an insightful, practical guide to how businesses can and should be run to be both virtuous and profitable. Art Ciocca orchestrated the creation of the largest wine brand that has dominated the industry for over twenty years. It is an achievement that even the best entrepreneurs can only dream of, yet perhaps you've never even heard his name. Inspired by Art, Andreas Widmer crafts a practical model of principled entrepreneurship that anyone can adopt in their work. Widmer outlines five pillars that form the foundation of an entrepreneurial mindset that places the human person at the center of work: (1) The Economy Exists for People, Not People for the Economy; (2) To Work Is to Create; To Create Is to be Human; (3) Culture Eats Strategy for Breakfast; (4) Principled Business Creates Win-Win Solutions; (5) Always Think Like an Entrepreneur. The Art of Principled Entrepreneurship is your guide to getting started today on developing the habits that can enable you to do good, create value, and empower others to achieve excellence.
- GenresBusinessNonfiction
264 pages, Hardcover
Published April 5, 2022
20 people are currently reading
92 people want to read
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Displaying 1 - 5 of 5 reviews
June 24, 2022
Saw this book on Bob Allard’s LinkedIn and since he has been a great help to my startup, I figured I’d read this book and I don’t regret it at all! The writer of the book seems very humble, a great person and an amazing boss to work for! This is the first “feel-good” type of business book I’ve ever read. This book motivates you to find out what your purpose is in life and to take the best out of yourself and others. To always take into account the best interest of the customer. At the end of each chapter there is some questions to get your thinking about how principled entrepreneurship may work for you. I also loved the recommended reading list in the end!
Please also read this book if you think businesses are only causing win-loose, zero-sum, either/or situations. Principled entrepreneurship benefits everyone: “We progress and humanity advances through our business achievements. The value we create expands the money supply, and that, in turn, allows us to include others in our networks of productivity and exchange so they can also flourish in the same way.” Principled entrepreneurs create a both/and solution instead of an either/or choice.
The only critique I would have is that it was less interesting for me as a student to read about how to teach principled entrepreneurship to students. Moreover, some concepts got repeated quite a lot throughout the book.
Some interesting quotes:
“It’s like the olympics: competition helps us run faster. Like a good race, it helps my performance if I surround myself with good competitors.”
“Principled Entrepreneurs think long term and see the balance sheet as a means to the end - the creation of customer value - and not the end in itself. As long as the focus is on “creating” that value, the source of success will never be depleted.”
“Thinking like an entrepreneur works. It’s the way you see and approach the world and how you take responsibility for what’s in front of you, take a proprietary interest in what’s going on, and become the protagonist rather than the victim or the disinterested bystander.”
“Don’t create predetermined job tracks that create rigid silos in the company but allow employees to unleash their passion at work, to grow into the job and overcome the challenges they encounter along the way, and to fully become the best version of themselves.”
“Your own excellence is always connected to that of others.”
“That is when our work transcends: when we work in harmony, each pursuing our excellence in an environment that fully supports and integrates our effort into the overall team, all without being forced to do another person’s will.”
“Find out what you - only you - can offer the world. And once you know it, pursue it to deliver at your peak excellence, and enable everyone around you to do the same.”
“Be a creator, not a harvester.” - creators focus on opportunities and initiate new activities, harvesters end the cycle and focus on redistributing.
“Each business is different. Its people, its customers, its locality, its industry, its competitors and cooperators - all of these aspects make a business so beautifully unpredictable. These variables can be optimised only through risk taking and faith within a framework of wisdom and good character.”
“We ask students to memorise, remember, and regurgitate. We make them imitate our actions, repeat tasks, and think inside the box. In doing so, we prepare them the way their great-grandparents were prepared for their careers during the Industrial Revolution.”
“We fail into success, as long as we make each failure a learning opportunity.”
“The reason why it is so critical to have role models is because when we truly identify with them, their story becomes our story.”
“Take an ownership mentality, find win-win solutions, and take responsibility for the outcome. It makes the difference between making a living and making a life.”
Since I see this is the first review of this book, here’s a short summary too!
Principled entrepreneurship is about creating value for customers through finding your own purpose and passion. There are five pillars of principled entrepreneurship that nourish the American dream:
1. The economy exists for people, not people for the economy. Companies in themselves are not the final goal, but the development of each person on the team is the goal. The only way to create real value depends on two factors: the customer and the creator of the value. The I in “how may I help you?” is actually a strong, market-focused team, which becomes a competitive advantage in the end.
2. To work is to create; to create is to be human. “When we work, we do not only make more, but we become more. The principled entrepreneur is primarily a creator - someone who pursues their excellence by creating value for others profitably. That value entails supporting others on the team in their pursuit of excellence and appropriately rewarding all stakeholders physically, mentally, and spiritually.”
3. Culture eats strategy for breakfast. Key ways to build a positive corporate culture: look at your own personal values and model your own core virtues.
4. Principled entrepreneurs always seek to create win-win solutions. Business is “co-opetition” and especially startups and small companies benefit from being a part of a cluster. Find ways to cooperate with your competitors. The more complex our economy, the more important location becomes according to Porter.
5. Always think like an entrepreneur. “Entrepreneurs are creators, not harvesters. Entrepreneurs focus on creating successful product portfolios where brands stand for superior value, and profitable organisations where the employees become the competitive advantage.”
How to teach principled entrepreneurship?
We can teach attitude (the principled entrepreneurship mindset), skill (will, discernment, decision making, praxis) and knowledge (liberal arts, business theory and self-knowledge). We can use a trading game to gauge happiness. There are three main aspects of teaching principled entrepreneurship:
1. Discover who you are, create a vision for who you want to be, and develop a plan to get there. “You can’t be a Principled Entrepreneur without first discovering who you want to be.”
2. Discover/develop your aptitudes, creativity, and strengths.
3. Apply the previous two points to create value for others, and learn how to fail in order to pursue excellence.
Last, creativity and role models are important.
Please also read this book if you think businesses are only causing win-loose, zero-sum, either/or situations. Principled entrepreneurship benefits everyone: “We progress and humanity advances through our business achievements. The value we create expands the money supply, and that, in turn, allows us to include others in our networks of productivity and exchange so they can also flourish in the same way.” Principled entrepreneurs create a both/and solution instead of an either/or choice.
The only critique I would have is that it was less interesting for me as a student to read about how to teach principled entrepreneurship to students. Moreover, some concepts got repeated quite a lot throughout the book.
Some interesting quotes:
“It’s like the olympics: competition helps us run faster. Like a good race, it helps my performance if I surround myself with good competitors.”
“Principled Entrepreneurs think long term and see the balance sheet as a means to the end - the creation of customer value - and not the end in itself. As long as the focus is on “creating” that value, the source of success will never be depleted.”
“Thinking like an entrepreneur works. It’s the way you see and approach the world and how you take responsibility for what’s in front of you, take a proprietary interest in what’s going on, and become the protagonist rather than the victim or the disinterested bystander.”
“Don’t create predetermined job tracks that create rigid silos in the company but allow employees to unleash their passion at work, to grow into the job and overcome the challenges they encounter along the way, and to fully become the best version of themselves.”
“Your own excellence is always connected to that of others.”
“That is when our work transcends: when we work in harmony, each pursuing our excellence in an environment that fully supports and integrates our effort into the overall team, all without being forced to do another person’s will.”
“Find out what you - only you - can offer the world. And once you know it, pursue it to deliver at your peak excellence, and enable everyone around you to do the same.”
“Be a creator, not a harvester.” - creators focus on opportunities and initiate new activities, harvesters end the cycle and focus on redistributing.
“Each business is different. Its people, its customers, its locality, its industry, its competitors and cooperators - all of these aspects make a business so beautifully unpredictable. These variables can be optimised only through risk taking and faith within a framework of wisdom and good character.”
“We ask students to memorise, remember, and regurgitate. We make them imitate our actions, repeat tasks, and think inside the box. In doing so, we prepare them the way their great-grandparents were prepared for their careers during the Industrial Revolution.”
“We fail into success, as long as we make each failure a learning opportunity.”
“The reason why it is so critical to have role models is because when we truly identify with them, their story becomes our story.”
“Take an ownership mentality, find win-win solutions, and take responsibility for the outcome. It makes the difference between making a living and making a life.”
Since I see this is the first review of this book, here’s a short summary too!
Principled entrepreneurship is about creating value for customers through finding your own purpose and passion. There are five pillars of principled entrepreneurship that nourish the American dream:
1. The economy exists for people, not people for the economy. Companies in themselves are not the final goal, but the development of each person on the team is the goal. The only way to create real value depends on two factors: the customer and the creator of the value. The I in “how may I help you?” is actually a strong, market-focused team, which becomes a competitive advantage in the end.
2. To work is to create; to create is to be human. “When we work, we do not only make more, but we become more. The principled entrepreneur is primarily a creator - someone who pursues their excellence by creating value for others profitably. That value entails supporting others on the team in their pursuit of excellence and appropriately rewarding all stakeholders physically, mentally, and spiritually.”
3. Culture eats strategy for breakfast. Key ways to build a positive corporate culture: look at your own personal values and model your own core virtues.
4. Principled entrepreneurs always seek to create win-win solutions. Business is “co-opetition” and especially startups and small companies benefit from being a part of a cluster. Find ways to cooperate with your competitors. The more complex our economy, the more important location becomes according to Porter.
5. Always think like an entrepreneur. “Entrepreneurs are creators, not harvesters. Entrepreneurs focus on creating successful product portfolios where brands stand for superior value, and profitable organisations where the employees become the competitive advantage.”
How to teach principled entrepreneurship?
We can teach attitude (the principled entrepreneurship mindset), skill (will, discernment, decision making, praxis) and knowledge (liberal arts, business theory and self-knowledge). We can use a trading game to gauge happiness. There are three main aspects of teaching principled entrepreneurship:
1. Discover who you are, create a vision for who you want to be, and develop a plan to get there. “You can’t be a Principled Entrepreneur without first discovering who you want to be.”
2. Discover/develop your aptitudes, creativity, and strengths.
3. Apply the previous two points to create value for others, and learn how to fail in order to pursue excellence.
Last, creativity and role models are important.
July 9, 2022
Andreas Widmer's The Art of Principled Entrepreneurship sets forth a vision of what business could be - centered on the human person (whether customer, employee, or stakeholder), focused on applying human creativity to address problems and create value for others, and cultivating an owner/steward mentality at all levels of the enterprise - and illustrates how aspects of this vision have been lived out in the life of Art Ciocca, founder of The Wine Group, and other entrepreneurs. Thoroughly researched - I read one or two business books a year, and while reading this I heard echoes of Stephen Covey, Michael Porter, Jim Collins and others - Professor Widmer has achieved a book that is simultaneously deep, challenging, and easy to read. Definitely stimulating, I think Principled Entrepreneurship is invaluable not just for folks considering starting their own business, but as a mindset for figuring out what to do with your life.
December 3, 2023
According to recent Gallup research, 51% of all employees have "checked out" and 16% of them are "actively disengaged". Basically, 2/3 of Americans don't like their job. Mr. Widmer takes a hard look at some of the reasons behind this behavior and makes a compelling case for Principled Entrepreneurship.
This is one of the best books on business I've read because it sets a foundation of 5 principles that creates not only value for its clients, but also a culture where employees can flourish. These "pillars" are:
1. The economy exists for people, not people for the economy
2. To work is to create, to create is to be human
3. Culture eats strategy for breakfast
4. Principled Entrepreneurship always seek to create win-win solutions
5. Always think like an entrepreneur
Using the Wine Group as the example, Mr. Widmer demonstrates the pillars in action. The examples are compelling and tackle the "soft issues" that most business schools and researchers do not address. One such example is about the Wine Group's culture. Early on, it was discovered that their vermouth was not consistent with their company's standards. There was no danger to the public and the company could have put the bottles of vermouth on the market. However, the CEO made the tough decision to scrap the bottles at a financial loss. The employees embraced the action and realized the company will not "take short term profits at the expense of the long-term future of the company." A principled value - "Offering the best consumer value" - that creates a culture where the employees understand quality will not be compromised.
This should be required reading at all business schools and for anyone that wants to be an entrepreneur. It also addresses many of the problems that face American corporations. It's untenable for most businesses to survive when 67% of their workforce is disengaged. The sooner they implement the 5 principles, the better for their companies and the economy in general.
This is one of the best books on business I've read because it sets a foundation of 5 principles that creates not only value for its clients, but also a culture where employees can flourish. These "pillars" are:
1. The economy exists for people, not people for the economy
2. To work is to create, to create is to be human
3. Culture eats strategy for breakfast
4. Principled Entrepreneurship always seek to create win-win solutions
5. Always think like an entrepreneur
Using the Wine Group as the example, Mr. Widmer demonstrates the pillars in action. The examples are compelling and tackle the "soft issues" that most business schools and researchers do not address. One such example is about the Wine Group's culture. Early on, it was discovered that their vermouth was not consistent with their company's standards. There was no danger to the public and the company could have put the bottles of vermouth on the market. However, the CEO made the tough decision to scrap the bottles at a financial loss. The employees embraced the action and realized the company will not "take short term profits at the expense of the long-term future of the company." A principled value - "Offering the best consumer value" - that creates a culture where the employees understand quality will not be compromised.
This should be required reading at all business schools and for anyone that wants to be an entrepreneur. It also addresses many of the problems that face American corporations. It's untenable for most businesses to survive when 67% of their workforce is disengaged. The sooner they implement the 5 principles, the better for their companies and the economy in general.
February 24, 2023
I was disappointed in this book as it seemed to be more personal reflection on specific case studies than grounded, practical learning on entrepreneurship. Essentially, Widmer argues that entrepreneurs only exist within a free market and are those who are in the business of creating value for others. He offers five pillars that mark the mindset of the entrepreneur but leaves the reader wondering if there is a tangible way to apply this beyond how to think about business.
June 29, 2022
vreemd boek. enkel hoofdstuk 1 gelezen. verwarrend hoe de link met de ´american dream´ wordt gelegd.
Displaying 1 - 5 of 5 reviews