Entrepreneurship is a driving force of the American economy. Every business started as an idea and required a great deal of courage and commitment to get off the ground. In fact, many entrepreneurs fail multiple times before they find success. But it’s important that they take the risks that they do.
Once a business is growing and attracting customers, it creates tremendous value for the entrepreneurs and their entire communities. According to the U.S. Chamber of Commerce, new businesses account for the vast majority of net new jobs in the United States. In the last three decades, firms less than a year old have created 1.5 million jobs annually. Entrepreneurs also drive innovation, which gives our economy the fuel it needs to grow and stay competitive.
Consider this: Research conducted by the University of Wisconsin Cooperative Extension and UW-Madison, found that
nations with more entrepreneurship have higher GDPs, and entrepreneurship in the United States is tied to income growth and poverty reduction in both rural and urban areas. Entrepreneurship also tends to make local, state and regional economies more diverse, and, therefore, less reliant on a single employer or industry, which leads to greater economic stability.
Entrepreneurs are indeed the ones changing the world, one solution and one innovation at a time. The United States provides the best environment for cultivating entrepreneurship, ranking first out of 138 countries using the Global Entrepreneurship and Development Index. In fact, entrepreneurs who succeeded in a prior venture have a 30-percent chance of success in their next venture — and greater chance to impact not only their industry, but also the business world.
In this edition of the Business Magazine, we’ll explore the entrepreneurial spirit and those business owners and risk takers who made the decision to strike out on their own and create opportunity and wealth. And, speaking of pioneers, we’ll showcase the Sarah A. Reed Children’s Center, which was founded in 1871 by a group of women interested in helping orphaned and homeless children and has since evolved into a leader in the treatment of behavioral, mental and emotional health.
We’ll also talk with Karl Sanchak, president and chief executive officer of the Erie Innovation District, about plans for this visionary innovation hub and its goals for the future. Plus, don’t miss this month’s Legal Brief about the General Data Protection Regulation and how it could impact any business with a presence on the Internet.
The Manufacturer & Business Association has numerous programs and services that can help entrepreneurs and small business owners navigate the challenges and opportunities in today’s business world. To learn more, visit www.mbausa.org!