Adam Smith writes favorably about innovation in Wealth of Nations while writing unfavorably about a figure associated with innovation: the projector. His criticism of projectors prompts many scholars to claim that Smith disapproves of entrepreneurship. But Smith criticizes the projector not because he acts as an entrepreneur but because he fails to meet Smith’s moral standards for entrepreneurship. In Theory of Moral Sentiments, Smith conceives of a framework for moral entrepreneurship based on prudence. The framework consists of two principles: first, approach everyday matters with the general “tenor of conduct” that governs your life and trade, and second, approach life-changing matters with prudence and justice. Recognizing that Smith is concerned with the total effect that an entrepreneurial venture has on society beyond its immediate profits opens the door to engage with contemporary research that studies the ethical and moral externalities of entrepreneurship.

亚当·斯密在《国富论》中对创新给予了积极的评价，但对与创新相关的一个人物——投影仪——给予了负面的评价。他对投影仪的批评促使许多学者声称史密斯不赞成创业。但史密斯批评投影仪并不是因为他以企业家的身份行事，而是因为他没有达到史密斯创业的道德标准。在《道德情操论》中，斯密构想了一个基于谨慎的道德企业家精神框架。该框架由两项原则组成：第一，以指导您的生活和贸易的一般“行为准则”处理日常事务；第二，以谨慎和公正的态度处理改变生活的事务。认识到史密斯关心的是创业企业对社会的总体影响，而不仅仅是其直接利润，这为参与研究创业的伦理和道德外部性的当代研究打开了大门。