Tuesday, December 7, 2010
In Entrepreneurship We Trust
In this article, the author stresses the importance of entrepreneurship in creating growth in the U.S. and other world economies. He sites statistics that state small businesses accounted for nearly one trillion dollars of earnings in 2009. Also small business start-ups grew steadily during the recession. It seems that the small businesses are going to play a large part in bringing the world out of the current economic sluggishness.
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4 comments:
When I think of a successful businessman, I think of a entrepreneur who can always think of something new and innovative for a current company or a even non-existing company. There is no doubt entrepreneurs are the driving force behind economic success of firms on the micro level. However, there are many issues that need to be addressed at the macro level before entrepreneurs can be effective. The most important being a market economy.
Joseph Schumpeter, an Austrian economist, has been a major advocate for entrepreneurs bringing positive improvements to the economy. Entrepreneurs do this not through "the inventions of new things" but through the invention of new process that helps increase the efficiency of the economy in general. Interestingly, he also believe that through entrepreneurs capitalism will also collapse!
I wholeheartedly agree with this article. The sense of entrepreneurship is really what makes America special compared to other countries. In fact, if activities in the private sector were to pick up quickly, the economy would be out of the woods.
Entrepreneurs are essential to keep the economy running and bringing it out of the recession. They bring the innovation and new ideas to the table that help create new revenue and growth to the market. They are the backbone to America and were the reason that America was so successful and still is to some extent.
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