Track: Entrepreneurship

Abstract

Growing numbers of people are realizing their dreams of owning and operating their own business. Entrepreneurship is thriving in the U.S. and throughout the world. The dramatic impact of the entrepreneurial spirit influences multiple aspects of business such entrepreneurs come from diverse backgrounds and strive to realize the Great American Dream of owning and operating their own businesses. Entrepreneurs have introduced innovative products and services, pushed back technological frontiers, created new jobs, and opened foreign markets and sparked the U.S. economy into regaining its competitive edge. According to the Global Entrepreneurship Monitor (GEM), a study of entrepreneurial activity across the globe, 8 percent of the U.S. population aged 18 to 64 is engaged in entrepreneurial activity. The past two decades have seen record numbers of entrepreneurs launch new businesses. As companies around the world have engaged in massive downsizing campaigns, these layoffs, have created a new wave of entrepreneurs. People who once saw launching a business as being too risky, now see it as the ideal way to create their own job security.

Another significant shift in growth of small companies is due to significant shifts in our nation’s economic structure as it is rapidly moving away from an industrial economy to a knowledge-based one. A knowledge-based economy favors small businesses because the costs are very low for managing, transmitting knowledge, information, and computer- and information-technology are driving these costs even lower. This paper discusses the impact of entrepreneurs on the success of the economy and how innovative products and services introduced by small businesses are vital for creating jobs and enhancing the economy.