PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Hope for U.S. Entrepreneurship

By at 25 August, 2019, 10:13 pm

by Raymond J. Keating-

The history of entrepreneurship in the United States has been a bright, robust one. In fact, I have long argued that one of the competitive advantages Americans have in the global marketplace is our seemingly intrinsic entrepreneurial spirit or impulses. In addition, entrepreneurship remains vital to innovation, productivity, and economic, income and job growth.

At the same time, however, various data in recent years have cast some doubt about whether entrepreneurship is lagging, and whether it will be robust in the future.

A poll released on August 15, conducted by MAVY Poll on behalf of the American Institute of CPAs (AICPA), offers some encouragement about the future of entrepreneurship. The key finding:

“As they prepare to enter the workforce, seven in ten (70 percent) young adult job seekers say the freedom of being their own boss is worth more than the benefit of job security working for someone else. Additionally, more than half (53 percent) said they are likely to start their own business in the future.”

(“Young adult job seekers” are defined as “millennials who graduated from college in the last 24 months or will graduate in the next 12 months and are currently looking for employment.”)

That’s encouraging, to say the least.

Gregory Anton, chairman of the AICPA’s National CPA Financial Literacy Commission, made the following point: “Developments in technology and the internet have made it easier than ever to start a business. However, they have not necessarily made it easier to succeed.”

Indeed, it’s never been easy starting and running your own business, but such entrepreneurship has long been part of Americans’ DNA, and yes, technological advancements have reduced the barriers to entry for entrepreneurship.

So, let’s hope that the entrepreneurial spirit is alive and well, and ready to burst forth, among millennials and following generations.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council.

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