Entrepreneurship and small business

December 26th, 2008 by admin

US Entrepreneurship and small business represent the third largest global economy.  If we were to compare the size of the small business economy with the rest of the world, the US entrepreneurship and small business economy would rank third in the world behind the US medium and large business economy and Japan.The size of the US small business economy would rank ahead of Germany, the United Kingdom, France, and Italy. Entrepreneurship and small business represents the best of the driving forces that have sustained the US economy, jobs, and wealth preservation while other segments of the economy have struggled with outsourcing, commodity inflation, and international competition.We see a lot of business churning (the closing down of some businesses, the creation of new businesses) which is essentially a wash when we are talking about small business’s proportion of the economy.  Embracing innovation is the only way for Western businesses to succeed in the global market. The book outlines the progression in the U.S. and Europe from the managed economy of the Cold War era through globalization.  This economic climate supports businesses that are highly adaptable and targeted to specific consumer needs. Business innovation actually occurs in geographical “pockets” such as Silicon Valley software development, fashion in Paris and Milan, and finance in New York. The generation that is now entering the work force understands these concepts instinctively.

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