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What qualities make Clive Palmer an entrepreneur?

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wanderista | TA , Grade 11 | Valedictorian

Posted August 1, 2013 at 12:32 PM via web

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What qualities make Clive Palmer an entrepreneur?

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kipling2448 | (Level 1) Educator Emeritus

Posted August 2, 2013 at 4:33 PM (Answer #1)

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Clive Palmer is an exceptionally successful businessman.  Whether he qualifies as an entrepreneur, however, is open for discussion.  The definition of an "entreprenuer" is someone who identifies a need or a demand for a particular product or service, develops a business plan for filling that need or responding to that demand, raises the money required to implement that business plan, and assumes the risk for its success or failure.  Palmer was a successful real estate developer who invested in mining operations, particularly as owner of Mineralogy, an iron ore mining company in Western Australia.  While he obviously has done very well for himself, and while he has visions of certain business opportunities like building a replica of the Titanic and developing a dinosaur theme park, only the Titanic project is particularly noteworthy as being "different" and imaginative.  To the extent that his proposals lack creativity or originality -- after all, the notion of a dinosaur theme park has its origins in Michael Crichton's 1990 novel "Jurassic Park," and real estate development and mining are hardly innovative endeavors -- is not intended as a criticism of Clive Palmer.  It is merely to make the point that he does not necessarily qualify as an "entrepreneur."

To the extent that Clive Palmer qualifies as "entrepreneur," is only in the manner in which he can be considered a self-made multimillionaire.  Success as a businessman is not in and of itself a qualification of entrepreneurialship.  He is an entrepreneur in the degree to which he has built businesses and assumed financial risk, but that goes for many businesspeople.  Should he identify a need -- and a replica of the Titanic is not a "need" -- and moves to fill it, then he can be considered an entrepreneur.

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