Entrepreneurship in the United States of America, does it get any better? This is a privilege like none other. There is a problem with today’s entrepreneurship, however.
Americans envision ourselves as an entrepreneurial, can-do kind of people. But this image is increasingly difficult to sustain. In 1910, the earliest avail-able data, 36 percent of American workers were self-employed. Today, just 9 percent are. In 2005, Americans started 45 new businesses per 100,000 people; today that figure is nearer to 30 new businesses per 100,000 people, a decline of a third in just 15 years. In 1950, the US had about 21 businesses per thousand people, and from 1988 to 2006, the United States consistently had about 20 firms for every thousand people. Today, there are only about 18.5 firms per thousand people, with no speedy recovery in sight. Meanwhile, the firm startup rate has declined from about 14 percent in 1975–90 to 12 percent today.https://www.aei.org/research-products/report/being-their-own-boss-a-review-of-american-demography-and-entrepreneurship/
Less than 9% of the US population start their own businesses. This spells trouble, a foreboding, for the American economy and people. On a long enough time line, this number will continue to dwindle and very few will create their own money, very few will be their own boss.
“I have a foreboding of an America in my children’s or my grandchildren’s time — when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority“Carl Sagan
The United States must be a creation economy: an economy which creates products, ideas, technology, manufacturing, etc.
There are many great entrepreneurs which are sitting idle, nervous, depressed about their debt, health and future. How many geniuses are currently unable to work in the field or study that they want? How many product and technology creators are too sick, too stressed, not enough capital to create world changing ideas?
In the next article I will write how to start a business – the step by step guide to start a business, everything you need to know in a condensed guide.
The world needs more entrepreneurs. Don’t be afraid to step up and try.