How does Clive Palmer's project to build a replica of the 'Titanic' demonstrate his entrepreneurial skills?
If the most commonly accepted definition of “entrepreneur” is one “who organizes, manages, and assumes the risks of a business or enterprise” [www.merriam-webster.com/dictionary/entrepreneur], then Clive Palmer’s decision to build a replica of the Titanic can be considered entrepreneurial. While public fascination with the Titanic has been around for decades, and probably peaked with the 1997 release of the film “Titanic,” Palmer’s level of interest with that particular vessel has taken public fascination to new heights. With construction scheduled to begin in 2014. With regard to the categorization of the project within the meaning of “entrepreneurship,” however, the project does seem to meet the definitional criteria. To the extent that the definition of “entrepreneurial” can be expanded to include identification of a need or creation of a demand for a previously unavailable product, then the Titanic project fits the mold even more. Palmer has assumed the risks of the project and taken responsibility for seeing it through to completion. He has even created his own travel company, Blue Star Line, to enable prospective passengers to reserve space for the ship’s maiden voyage, planned for 2016.