Entrepreneurship Accelerates the Nationâ€™s Economic Growth: Unfettered access to capital market, various tax policies, economic freedom, and various property rights induce investments in the businesses of the USA. Entrepreneurship improves the societyâ€™s standard of living, standardizes the lifestyle and preference of consumers, creates wealth, generates income, and spurs economic growth.
Optimum Use of Resources: Entrepreneurs develop and expand markets by incorporating innovations in services, technology, and productsâ€™ price and design. Hence, the unutilized or under-utilized labor and capital reserves could be used most efficiently in a business.
Entrepreneurship Promotes Innovation: The U.S. highly invests highest in R&D and higher education fields. Hence, the U.S. can open up new vistas for innovative business ideas, markets, products, and technology through their huge research and development network.
Entrepreneurship Brings about Social Change: Empowered with the qualities of resilience and flexibility in innovation technology, an organization always brings forth a new variety of products that are ingenious, convenient, and are inbuilt with the most modern operating system. Thus, it replaces the obsolete method with updated ones and brings changes in society.
Support Existing Business: Entrepreneurs, apart from inventing and investing in new products, help modernize old businesses or existing enterprises. Big entrepreneurs contribute to the companyâ€™s distribution and marketing strategy, advertisement, and data science technology by sharing their ideas or lending funds to those potential entrepreneurs.
What does it Take to be an Entrepreneur in the U.S.?
As per H. Allen Andrew, the professor of entrepreneurial education at the University of North Carolina Business School, entrepreneurs should never delimit themselves within a particular familiar network. In his vision, a businessman should go much beyond the nuances of his horizon. One must attend exhibitions, business meetings, see people of different countries carrying different cultures, and devote time and enthusiasm to everything, irrespective of his preference. An entrepreneur must appreciate global taste, forgetting the ego of being an American.
A good entrepreneur must strive toward inculcating a team spirit. No business can succeed without teamwork. The leader must create, explore and pay attention to strengthening his team.
The most sought-after quality of an entrepreneur is to explore new scopes, discover creativity, and shape up new things and this power of creativity raises a man above the daily grind of life. Some top-notch entrepreneurs of the world do not bank upon old ideas and thesis. They find problems and devise their ideas to produce the best.
Economics and entrepreneurship are the two inseparable organs of the country. The new and upcoming companies are the key players in bringing growth and productivity to the U.S. For Americans, the lesser the number of start-ups, the lower is the quality of life in the U.S. For them, economic growth corresponds to higher business growth.
Eminent Entrepreneurs in the United States
Some eminent entrepreneurs in the U.S. are as follows:
P.T. Barnum: Founder of the famous Barnum & Bailey Circus, which ran for 147 years. The film, The Greatest Showman featured his life and work.
Warren Buffett: The American business tycoon, philanthropist, and founder of Berkshire Hathaway, Warren Buffett is also popularly called Sage of Omaha.
Walt Disney: Winner of 23 Oscars and the owner of the famous Disney opera house, The Walt Disney Company, and Disneyland was the vanguard of the American animation industry.
Bill Gates: A tech lead who is the Co-Founder of Microsoft, the worldâ€™s largest software company, is also a philanthropist.
Jeff Bezos: The worldâ€™s richest man, the founder of the worldâ€™s biggest online platform, Amazon, and owned The Washington Post.
Steve Jobs: A college dropout presently regarded as the Father of the Digital World is also the founder of Apple Inc., Pixar Animation Studios, and NeXT Inc.
Mark Zuckerberg: The co-owner and CEO of Facebook.
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