1505.1

Alternative Investments if the Outcome Is Culture Not

Profit

Entrepreneurship is a risky activity for the individuals involved. It takes many years for a new venture to become profitable and most new ventures do not even survive at

2Tordensjkold Soldiers is an expression that refers to the Danish general Tordenskjold as he entered the Swedish fortress in Marstrand 1719. According to legend, Tordenskjold had his soldiers dress up in different colors and uniforms, running from one place to the other to create the perception among the Swedes that their number was much greater than they actually were. In English, a similar expression would be a Potemkin Village: a fake display of power, wealth, and success.

151Cultural Ideals in the Entrepreneurship Industry

all. The expected income is much higher from a regular job in an established firm (Åstebro, 2012) and those working for new ventures earn less than their counterparts in established organizations (Burton et al., 2018). Therefore, it is important that aspiring entrepreneurs enter the entrepreneurship industry with their eyes open. If activities in the industry are geared toward the creation of culture instead of profit, this needs to be clear at the outset. Informants in this study provide several examples of how cultural attributes (language and looks) are being fostered and reproduced at the cost of more substantial content. Moreover, informants discuss how established actors in the industry work to sustain themselves and their entrepreneurial activities, not necessarily entrepreneurial outcomes. For the entrepreneurs who enter the industry without a thorough understanding of the production of culture, in addition to the production of entrepreneurship, this can lead to financial losses and broken dreams.

At the societal level, it is relevant to consider how investments of taxpayers’ money can create benefits to the many, not only to those who consume cultural products inside the entrepreneurship industry. For example, there is clear evidence that entrepreneurs who are well educated are more likely to succeed than those who lack education (Hvide & Møen, 2010; Marinoni & Voorheis, 2019). At the same time, evidence in favor of incubators or entrepreneurial support structures is very weak (Amezcua et al., 2013; Schwartz, 2013). If activities in the entrepreneurship industry increase entrepreneurial activities instead of outcomes, it is relevant to