How Entrepreneurship Is Important For The Economy Essay

How Entrepreneurship Is Important For The Economy Essay

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In the thirteenth-century, entreprendre, a French verb was originated to mean “to do something” or “to undertake.” By the sixteenth century the word, entrepreneur was formed. Entrepreneur was a word created to refer to someone who undertakes a business venture. An entrepreneur can be described as someone that takes risks in developing, managing and organizing a business or enterprise. Every entrepreneur weighs the risks involved against potential profit to be gained. When they think the gain outweighs the risk they take every opportunity to execute their idea. Entrepreneurship is a process that develops new ways of combining resources. When a new combination of resources is generated above market value the entrepreneur makes a profit. Many successful entrepreneurs create jobs for the economy, while others may not be so successful because of the huge risks that are involved. Some risks being capital, time, motivation, and not being able to adapt to change (Sobel, 2008) .
Entrepreneurship is important to every economy, especially the American economy because these entrepreneurs that create companies increase our economic growth by creating jobs for many people. They are the ones that allow us to buy goods and allow us the opportunity to use many services. Without them we wouldn’t have most of the stuff we take for granted today. Entrepreneurs expand our ability to generate income which results in a higher living for everyone (Resources for Entrepreneurs, 2001-2013) .
A lot of successful entrepreneurs have similar traits to one another. They may not all be born with these traits, but they all acquire to have them in order to be successful. Traits such as passion, resilience, strong sense of oneself, flexibility, and vision. Foremos...

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...r items like a big store such as a brick-and-mortar store? They are ultimately all trying to do the same thing. They both are producing a product and selling it to a consumer. Both types of businesses employee people that boosts our economy and promote jobs. The law should be equal to every business no matter how big or small the company is or how many people it employs. They all pay taxes which helps our economy so why set boundaries to deter small businesses from succeeding. We don’t see as many ma and pa shops anymore because of all these big brick-and-mortar stores from taking over. We don’t want a company or companies monopolizing our economy where we only have left huge companies because smaller companies don’t stand a chance (South Florida Entrepreneurs and New Florida Public Interest Law Firm Sue City of Hialeah to End Unconstitutional Regulations, 2011) .

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