I think you're comparing apples and oranges here, and leaving out details. He says the entrepreneurs as risk takers are important, because they are doing someth

I think you're comparing apples and oranges here, and leaving out details. He says the entrepreneurs as risk takers are important, because they are doing something that benefits the economy if they win and don't really impact anything but themselves if they lose. That's completely different from what he's talking about in the second half, which is the focus on financial markets. He's advising that people who don't know how to hedge themselves should stay out of the financial markets. He didn't specifically say it, but I think the rationale for that perspective is that the risk taking in the financial markets takes a very different form than the risk that an entrepreneur faces; the risk taking in financial markets can fail spectacularly and cause a lot more problems than bankrupting a single person. The best example is the LTCM crisis, where a single company's failure was so impactful and sudden that it threatened destabilizing the entire market.