Entrepreneurship and US Economy
Entrepreneurship and US Economy is correlated. The United States economy depends heavily on entrepreneurship, which has contributed significantly to its long-term prosperity. The US economy relies heavily on entrepreneurship as a driving factor behind its expansion and innovation. By encouraging a culture of innovation and risk-taking, it promotes economic growth and the development of new jobs via the formation of startups and small enterprises. Entrepreneurs, who are often the creators of innovative technology and business strategies, not only create money but also improve the level of competition on the world stage. With the help of a robust ecosystem of investors and institutions, entrepreneurship in the United States is crucial to defining sectors, generating wealth, and advancing the country’s economic success on a national and international level.
Entrepreneurs are the backbone of economy. By the effort, hard-work and dedication entrepreneurs are creating new ventures and attracting new business possibilities for future generation. For each and every economy it is impossible to make any sustainable change in future without making any further choices to build their own business (Agarwal and Braguinsky, 2014). Here the report will focus on the characteristics and roles of the entrepreneurs and their contribution for developing an economy. The report will also analyze the factors which are influencing entrepreneurs for their betterment. The United States is helping their business entrepreneurs and supporting them to improve their business efforts. Bill Gates of Microsoft Company is one of the most renowned and well known business entrepreneurs of United States. The report will analyze all his development factors and focus on the improvement by knowing about his overall business journey the success factor. It will also explore how a country’s economy can support the entrepreneurs to become successful and build their own identity in the long run. It is necessary for the business and the economy to help each other in their development (Agarwal and Braguinsky, 2014). Here the report will explore the relationship between entrepreneurship and the economy of the United States. Bill Gates is the living example and inspiration for the future entrepreneurs and their creative minds. So with the support and assistance of the economy and overall contribution of the entrepreneurs a country can build up strong community and increase the standard of life in the long run. The report will critically analyze the technological advancement and impact of such revolutionary changes for the betterment of the society.
Being an entrepreneur is more work than just having big ideas. It is a pool of unique skills and characteristics to face any odds and achieve the goal they aspire for. An entrepreneur is the asset for any nation. The United States is blessed with such genius mind and talented people to build their empire based on their attributes and hard work. Here some of the characteristics and role of the entrepreneurs is the United States are described as follows:
- Problem solver: All the entrepreneurs are dedicated to solve the problem which are bothering people of their target segment. It is their choice whether they want to focus on innovation or invention. But in each and every way entrepreneurs focused to solve problems and find easy, convenient and affordable solutions of the problem to serve their targeted market (Bjørnskov and Foss, 2013). Bill Gates is also one of them. When he started the company Microsoft, he was trying to make computers affordable and accessible to the people by innovating software for better management of the computers. He was trying to find solutions for using such large computers and focusing on making it easy and convenient for all. Bill Gates was dedicated to find out the solution. So he is always learning and searching for knowledge everywhere to increase his efficiency.
- Visionary: All the entrepreneurs are visionary and quite confident to reach their goals. They are so confident about their goals which make them stand out from other people and create their unique identity (Bjørnskov and Foss, 2013). People can connect to their vision and get addicted to their passion and positivity. Basically, the vision and long term planning can make them do well in the business and focus on promoting the business in the long run. For example, Bill Gates was always hopeful and passionate about his goal. He knew at the first place why he is working for building Microsoft company and how he and his partners is going to serve people. It is such a blessing to move forward and keep on working to achieve the goal.
- Prioritize the work: Success or failures of a person is determine by the way of building up habits and prioritization of the work. So it is important for each and every person to focus on the time management and make the best use of it. Entrepreneurs know how to prioritize their work and done them one after another to reach their goals. Bill gates is not different from any other entrepreneurs (Burns, 2017). He always try to manage his time based on the essential work and commitments. He keeps learning from Warren Buffet to know about many things in the world and keep working on the betterment.
- Smart Worker and risk taking capacity: For the entrepreneurs it is necessary to know how to work smartly and taking calculative risk for building up any venture successfully. Entrepreneurs of the United States are getting advancement of technology and support and assistance from different people which make them capable of performing well in the long run and work as a smart person to do well in the workplace (Dearie and Geduldig, 2013). Bill Gates also focus on smart working process and try to balance his routine based on the overall process. Risk taking is the part of entrepreneur’s life. So entrepreneurs are capable of taking risk and measure their success based on their risk taking capacity can become successful easily. Bill Gates also took the risk of dropping out from Harvard while building his company and predicted it to become a success to take such a huge risk of dropping out. So it is necessary for the entrepreneurs to take calculative and measurable risk to reach their goal at the right time (Frederiksen, Wennberg and Balachandran, 2016).
By adopting all the characteristics and playing the role of an entrepreneur it is possible to develop and build up any successful venture in the long run of the business in the United States.
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Entrepreneurs are considered as the national assets. They are the people with the ability to change the world and work on innovations to improve living standards and building up entrepreneurial ventures, for creating jobs and adding value to the growing economy (Frederiksen, Wennberg and Balachandran, 2016). It is impossible for any economy to flourish at a maximum level without significant contribution of the entrepreneurs. Bill Gates, Warren Buffest, Steve Jobs etc. are well known for their remarkable contribution in the United States economy and their development. Here the contribution of the entrepreneurs in a economy are described below:
- Increase the Economic Growth: New products and services offered by the entrepreneurs can stimulates related businesses or sectors by supporting the new venture and ensuring economic development in the long run. For any entrepreneurial ventures, they need many suppliers, dealers and distributors which are related to the business product and service offerings. So the economic works increases, development and expansion of the industry takes place and also expand the growth of the economy (Hubeni, 2019). For example, Initiative of building up Microsoft was a biggest milestone in the information technology sector. The IT industry of USA become more advanced and expanded their work based on the establishment and the development of the Microsoft Company and the effort of Bill gates. The industry quickly expanded and also benefited other associated industries of network maintenance companies, hardware providers, programmers and increased the growth of the economy.
- Increases the flow of National Income: Entrepreneurial ventures are responsible to generate new opportunity and increase income of the nation in total. Existing businesses can expand their sphere by developing new and improved products, services, or technology to target new market and improve their work expansion (Hubeni, 2019). Additionally, the increasing ventures and development of entrepreneurship can generate new employment opportunity with higher earnings facility. The overall business wealth can contribute to better national income for generating higher tax revenue and higher government spending for the society (Karlsson, B Johansson and Stough, 2016). The increased ventures and growth of the business can attract new investors and expand their business to earn more profit and government also become enable to make surplus from increased income level and ensure the growth of national income in the economy.
- Create Social Change: Entrepreneurs offers new and unique goods and services by reducing the dependence on traditional obsolete systems and technologies. improved and advancement of the technological development is providing the opportunity to improve quality of life, morale, and providing everyone in the society with the freedom of greater economic balance (Opentextbc.ca, 2018). The increased numbers of entrepreneurs making people aware about the social change and working for the development of the society to bring positive changes and making impactful decision for the society. For example, Bill Gates is working on his different organization which are solely responsible to develop the life of helpless and poor people. With the revenue and the income of his business venture Microsoft he is trying to help people by doing charity and providing better opportunity for the needed people. All of his efforts are bringing positive social changes to the nation and encouraging other entrepreneurs to work for making impactful changes in the society.
- Community development and creating Jobs: Entrepreneurs are focusing on the investment of community projects and providing financial support to local charities. Bill Gates is using his wealth to finance good causes and increasing the opportunity of creating jobs and facilities for the community of the United States. Similarly, future development to support and assist all the logistics support, capital investments, and increasing qualified workforce are guided by the effort of the entrepreneurs. With the continuous effort and new entrepreneurial ventures the growth and development of the business making the economy flourish and developing the community (Opentextbc.ca, 2018). For example, Bill Gates is working for developing USA education system with the Bill and Melinda Gates foundation and helping the students to get support in their educational sector. Here the students are getting scholarship and funds to continue their studies and making positive impact in the society.
So it is very important for any nation to inspire their entrepreneurs and support them by removing all of their business obstacles to make better changes in the society and support the community in the future.
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The USA is known as the most entrepreneurial economy, based on the 2018 Global Entrepreneurship and Development Index. It is a report based on all the entrepreneurial activities and aspirations with data on how well a country support and assist their business entrepreneurial activity and inspire them to move forward (Packard and Bylund, 2017). It is the responsibility of any country to let their entrepreneurs work with their ideas and remove their obstacles to establish any successful business venture. Here the contribution of United States are discussed to understand their level pf support provided for the entrepreneurial development.
- Support from federal programs: The United States provide support and assistance to their entrepreneurs to develop and initiate their business and take it to the whole new level. Based on the need and requirement of the business, the departments are divided into different categories (Phillips, Kirchoff and Brown, 2014). From the business initiation to business growth, attracting new investors, business management, business finance all are handled by the federal programs from the government of United States. For example, Bill Gates take help and assistance from the government officials to improve his business and also reduce and complicated obstacles of business for making the overall effort successful. Here the business growth and development is somehow dependent on the support of the government. Restrictive government policy can hamper the business and also decrease the growth of the business (Powell, 2018). But the United States is providing full support for their entrepreneurs to build their dream ventures and make it come true into reality.
- Global Entrepreneurship Program: The United States also introduced their global entrepreneurship program from 2010 with US embassies. It is one of the renowned program to promote global entrepreneurship and inspiring the entrepreneurs from all over the world for catalyzing and coordinating with the private sector from different industry (ScienceDaily, n.d.). The initiative is not only creating integrated entrepreneurial ecosystem but also helping the entrepreneurs to focus on seven key areas for ensuring their entrepreneurial development (Powell, 2018). The program is helping them to identifying opportunities, providing required training, helping them to connect by guiding them about financing. The program is facilitating them with better and efficient way of accessing the market and promoting supportive policy for celebrating their entrepreneurial spirit. The initiatives also enable them to promote angel networks and increase their Enterprise Development Network management capacity by providing capital and professional advice for better management.
- Encourage a Pro-Business Environment: The United States is the home to the world’s greatest innovations. The country is supporting their entrepreneurs by celebrating their achievements, hard work, and business success. The government also introducing positive and supportive corresponding legislation and reformation of the law for the small business and entrepreneurship (Smart and Smart, 2015). All the business entrepreneurs, startups, and other small businesses getting incentives from their business associated of the government to ensure better growth and effectiveness of the business growth. Here starting a business is easier and less complicated considering the process, regulation, bureaucracy, and tax penalties. All of the initiatives are enabling business ventures to grow and expand in the long run. The country is also providing support for funding innovations and competitions of creative ideas and encouraging them to work on those ideas to prove the effective and helpful for the nation. For example, Defense Advanced Research Projects), or competitive initiatives etc. Basically United States is creating encouraging and helpful business environment for the entrepreneurs. In case of Bill Gates, such opportunities were not available at that time. But the encouragement and support of governmental sector make the business progress easy and reduced the complication of the procedural work which is not still possible in any under developed or developing country (Srinivasan and Venkatraman, 2017). The overall contribution of the government is really praiseworthy and remarkable for the business growth and entrepreneurial support system.
So for the growth and expansion of entrepreneurial efforts it is necessary to have support from government and the community to enhance the growth and possibility of the entrepreneurs and make their effort successful in the long run.
Moreover, economy and the entrepreneurship are related with each other. The relationship between entrepreneurship and economic development can each other directly. So it is necessary for the policymakers and business owners to understand the relationship and work for the betterment of the business as well as nation. Without the proper support and assistance for the government level it is not possible to measure the success of the business and expand their growth. At the same time, without the effort and dedication of the entrepreneurs it is not possible to create any successful business venture (Szerb, 2013). With the rapid advancement and development of technology and competitive business world growth entrepreneurs are the source of new and fresh business ideas to develop a nation. They are the power house for supporting the economy and increasing national income of the country. So by understanding the benefits and drawbacks of entrepreneurship the United States need to focus on creating a balanced approach for nurturing entrepreneurship and make them successful with proper guidance (Szerb, 2013). It will not only make their dreams come true but also influence the economy of the country to grow higher with time. There will be a positive economic change and better societal impact for the business improvement.
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