The Importance of Entrepreneurship

Entrepreneurship Term Paper

“Entrepreneur is defined as a person who starts a business and is willing to risk loss in order to make money.” (Merriam-Webster.com) Since before the Great Recession, economists have recognized how important entrepreneurship is to the health of the U.S. economy. (Strangler)

“There are four benefits to the U.S. from entrepreneurs' risk-filled but successful efforts. Entrepreneurs (1) use innovations to improve the quality of life, (2) create new jobs, (3) improve our position in global economic competition, and (4) create economic growth and new wealth for reinvestment in the U.S.” (Foundation)

Entrepreneurs are responsible for research and development system. “Almost 2/3% of all innovations are due to the entrepreneurs. Without the boom of inventions the world would have been a much dry place to live in. Inventions provide an easier way of getting things done through better and standardized technology.” (Miller)

Entrepreneurship is extremely important to the American economy. Without entrepreneurship there would not be any new business to help our economy grow and expand. Entrepreneurship allows job creation, social growth, and economic growth.

According to The Small Business Administration the following are important personal characteristics to have to be a successful entrepreneur:

• Comfortable with taking risks: If you are uncomfortable with taking risks then you may not be right for starting your own business. Entrepreneurship has a lot of risks. (The U.S. Small Buisiness Administration)

• Independent: “Entrepreneurs have to make a lot of decisions on their own.” (The U.S. Small Buisiness Administration) If you feel comfortable about your own problem solving skills and y...

... middle of paper ...

... need to get started? Will I need to get a loan? Who is my completion? What taxes do I need to pay? What kind of insurance do I need? How will I manage my business? And how will I advertise my business?” (The U.S. Small Buisiness Administration)

Since my business is an online store it would be best to have my business in “virtual” space. With a “virtual” space I would not have to pay any extra cost that are involved in a brick and mortar store. I could keep my cost down while I begin to grow.

Works Cited

Foundation, Ewing Marion Kauffman. http://papers.ssrn.com. 4 September 2008.

Merriam-Webster.com. n.d.

Miller, Margaret. http://goarticles.com/article/Importance-of-entrepreneurship/1036875/. n.d.

Strangler, Dane. www.forbes.com. n.d.

The U.S. Small Buisiness Administration. n.d.

worldwidebrands.com. n.d.

www.sunbiz.org. n.d.