‘There is a lot of political entrepreneurship happening at the level of bodies, where many professionals are entering’- Bibek Debroy, Economist.
We can say that ‘which produces an income stream through political enterprise-neurs and also closely resembles the profit of an unregulated market’ is political entrepreneurship. Found something new? So stop, drop and scroll!
1. In this Fourth Industrial Revolution, political entrepreneurs are the need of the new generation.
2. But who are Political Entrepreneurs? They are those people who create ideas, innovate and act as leaders but only in a political field. They are individuals or any group who wants to change the art of politics through their new ideas.
3. Political entrepreneurs are also businessmen who seek profit through subsidies, protectionism, government contractors, or other favourable arrangements (also known as rent-seekers)
4. Earlier, the political activism of American Business as a class in historical movements was the start of political entrepreneurship in the world.
5. The Chartists and Suffragettes, Capitalists and Marxists, Futurists, and Luddites were some famous political entrepreneurs.
6. Political entrepreneurs build something from nothing with their ideas, ideologies and innovation to address societal problems.
7. Many new peoples, communities and groups came together. They responded to many societal challenges during the Industrial Revolution and thus were political entrepreneurs too.
8. Today, many political entrepreneurs use AI, Big Data, the Internet of Things, Virtual Reality, and more traditional tools for political influence to disrupt politics.
9. Today, we need a new generation of political entrepreneurs. We need them to tackle the unique problems of our times, like the automation of jobs, fake news distorting democratic debate, threats to net neutrality and cybersecurity, and the ownership of citizens data.
10. In practical terms, the division between market entrepreneurs and political entrepreneurs can be hazy. So, many business entrepreneurs share both characteristics.
11. Through diversifying political party membership, educating future political entrepreneurs, influencing current political leaders in the changes that are happening and developing a new political philosophy can help to guide leaders to add political colours in this new age.
As Thomas DiLorenzo gave the example of a political entrepreneur in his book “How Capitalism Saved America”-
‘mousetrap manufacturer who seeks to gain market share by making a better mousetrap as being a market entrepreneur, and a manufacturer who lobbies Congress to ban the importation of foreign-made mouse traps as a political entrepreneur’.
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Pranjal is highly jovial by heart, full of bright ideas and leading a colorful life person. She is currently pursuing her graduation from lakshmibai college, University of Delhi and a keen learner who have a constant desire to learn more and more.