Entrepreneurship and the American Economy Analytical Essay by Nicky

Entrepreneurship and the American Economy
An analysis of why entrepreneurship is important to the American economy.
# 148076 | 3,085 words | 15 sources | APA | 2011 | US
Published on Aug 30, 2011 in Business (Small) , Economics (General)


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Description:

This paper discusses how the many contributions of entrepreneurs to the growth of the American economy overshadow those from other nations globally by a wide margin, from job creation and innovation to the development of entirely new markets and how what is especially unique about entrepreneurialism in the United States is its direct effect on the broader economy. No other country relies so heavily on entrepreneurs to serve as the fuel of their economic growth over time. The paper also evaluates each of the dominant areas where entrepreneurialism in the U.S. makes a major contribution. Throughout the paper, both the qualitative and quantitative contributions of entrepreneurs to the American economy are also explored.

Outline:
Introduction
Entrepreneurs and New Job Creation
American Entrepreneurs' Contribution to Global Innovation
American Entrepreneurs' Contribution to Social and Private Wealth Creation

From the Paper:

"Innovation in and of itself is not enough to create entirely new businesses; it is in translating innovation into unique, ingenious products and services that meet unmet needs of both consumers and businesses. The current economic downturn, it has been argued, is an excellent opportunity for entrepreneurs to create disruptive innovations (Christensen, Mangelsdorf, 2009) that completely re-order market dynamics and redefine value chains in the process (Porter, 1986). Disruptive innovation as defined by Clayton Christensen is entirely dependent on small start-up companies to exist then re-order entire industries in the process (Christensen, Mangelsdorf, 2009). What is so noteworthy about the research completely by Dr. Christensen and Mangelsdorf (2009) is that the catalyst of each disruptive innovation as emanated from small, entrepreneurially-run companies. Core to the unique strengths of entrepreneurs is their ability to translate unmet needs in markets and then selectively apply innovation to them in order to create entirely new market segments. This has also been empirically seen in the findings of Dr. Christensen in his book The Innovator's Dilemma. For disruptive and even chaotic innovation to translate into entirely new markets being formed, entrepreneurs must have a government that fosters this process. The United States Government's support of policies that favor the creation of new innovation is seen in the clustering of technology centers throughout this country (Gittell, Sohl, 2005)."

Sample of Sources Used:

  • J B Arbaugh, S Michael Camp, Larry W Cox. (2005). A MULTI-COUNTRY COMPARISON OF PERCEIVED ENVIRONMENTAL CHARACTERISTICS, INDUSTRY EFFECTS, AND PERFORMANCE IN ENTREPRENEURIAL FIRMS. Journal of Enterprising Culture, 13(2), 105-126.
  • David B Audretsch. (2009). The entrepreneurial society. Journal of Technology Transfer, 34(3), 245-254.
  • Robert W Bednarzik. (2000, July). The role of entrepreneurship in U.S. and European job growth. Monthly Labor Review, 123(7), 3-16.
  • Clyton M Christensen, Martha E Mangelsdorf. (2009). Good Days for Disruptors. MIT Sloan Management Review, 50(3), 67-70.
  • Leon de Wet Fourie. (2008). ESTABLISHING A CULTURE OF ENTRAPRENEURSHIP AS A CONTRIBUTOR TO SUSTAINABLE ECONOMIC GROWTH. Journal of Global Business and Technology, 4(2), 34-41. ).

Cite this Analytical Essay:

APA Format

Entrepreneurship and the American Economy (2011, August 30) Retrieved July 05, 2020, from https://www.academon.com/analytical-essay/entrepreneurship-and-the-american-economy-148076/

MLA Format

"Entrepreneurship and the American Economy" 30 August 2011. Web. 05 July. 2020. <https://www.academon.com/analytical-essay/entrepreneurship-and-the-american-economy-148076/>

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