Entrepreneurship in America
When looking at the importance of entrepreneurs in the United States it is important to discuss the history of entrepreneurs in this country, the obstacles that come along with starting up a business, and where one might acquire the capital or money to finance the upcoming business and its expenses.
History of Entrepreneurship
The word “entrepreneur” is a word borrowed from the French in the mid-19th century that literally means “undertaker.” Entrepreneurship is much older as it dates back to ancient times. For America, the nation was founded by entrepreneurs. While many colonies were founded by the English state, many were also founded by profit-seeking corporations. One example would include New York which
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The first patent was presented to entrepreneur Joseph Jenks in 1646 and this began the “Yankee ingenuity era.” A patent is exclusive rights to an invention that constitutes as a solution to a specific technological problem and is a product or process. The patent was for a device that improved the manufacturing of edged tools that helped with other production. The “Yankee ingenuity era” refers that this patent led to many other important patents including the cotton gin, flour mills, the high-pressured steam engine and many more. Even though only 2 to 3 percent of all products patented make it to market, it is still an important tool for entrepreneurs to protect their rights to their product and idea.
Entrepreneurs were doing so well in America that in 1776 when the 13 colonies declared independence. The US was the richest place on earth per capita. No wonder the British fought so hard to keep the colonies. In 1811 incorporating came into law for the United States as New York passed a general incorporation law which made the process of growing ones business much simpler and faster and this created a boom in the number of entrepreneurs and corporations. Before this law there were only a total of seven companies that had been through the incorporation process, but between 1800 and 1860, more than 2,000 companies were incorporated in Pennsylvania alone. Unfortunately the Virginia Company was not one of these successful
Looking at entrepreneurs as robber barons is somewhat credible because of businessmen’s tendency to claw their way to the top, despite hurting others along the way. However, on the opposite side of the spectrum, the jobs provided by these entrepreneurs ended up helping the American economy. Business owners were responsible for, “the American economy [to grow and grow]. By 1914, the small nation once seen as a playground for European empires had now surpassed them all” (The Gilded Age). These owners are captains of industry because of their ability to boost the economy and further progress America in the right direction. America started out as a small nation, but due to mainly business, America was able to surpass even larger nations. Other business figures, such as Thomas Alva Edison, invented the, “electric light bulb… which
-During discussion, the teacher will gauge how the students are following along with the “Shark Tank” Presentation.
In the year 1790, the United States had begun to make a name for itself. The United States was ending its own revolution and the world was evolving around it. The country’s new found freedom created a need for self-reliance. The United States was out to prove its worth, that its institutions, democracy, and military were worth the efforts of so many. During this time the number of inventions created throughout the world was astonishing. Inventions like: the cotton gin, batteries, cupcakes, crackers, gas turbine, and bicycles are just a few inventions that were created during this time period. Donalad W. Banner, U.S. Commissioner of Patents and Trademarks, wrote The Book of Knowledge where he explained that before the patent was created
An Entrepreneur is a person who forms and operates a business. Entrepreneurs form and start companies by themselves, or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size, but some grow into huge corporations, such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business, which include a sole proprietorship, Partnership, limited liability company, and also a corporation. Each form has its advantages and also disadvantages depending on what the type of business is, and also what service it provides.
Entrepreneurs, individuals who come up with an plan in means of profit while knowing the risks that comes along. however, in adam smith time(1723-1790), the definition of an entrepreneur was different it was an “ individual purusing his or her own good to achieve the best good for all”. Those individuals led by the “invisible hand” would provide
Some dictionaries define an entrepreneur as “a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population,” and it originates from “entreprendre” in French which means “to undertake”(A Definition). Others define an entrepreneur as “a person who sets up a business or businesses, taking on financial risks in the hope of profit.”(Definition of Entrepreneur). I believe that it’s not only risk and money that makes an entrepreneur who they are, but it is also about the talent as well as the desire to want to change something in a positive way. I use this definition to decide who is a greater entrepreneur, Dr. Dre or George Washington?
Industrial Entrepreneur- Late 1800's - Western Expansion, Gold Rush. The entrepreneurial spirit of this golden age in business did much to advance the us business system and raise overall standard of living of its citizens.
Entrepreneurship is America’s defining cultural characteristic. Consider the college dropouts that sat in a garage trying to develop inexpensive and better ways for Americans to connect, communicate and move data - think Steve Jobs and Steve Wozniak and of course, Apple Computer. Or consider another college dropout that conceived an idea to connect millions of people through his interpersonal software application called Facebook – think Mark Zuckerberg.
The belief and implementation of free markets and pro-business policies have allowed the American nation to become the strongest country in the world. The entrepreneur is a special type of business person that is hurt by the livable wage. Our nation’s economy is diverse and adaptable because entrepreneurs are always willing to take risks to make money and stay competitive. Entrepreneurs act as the catalysts for the American economy. They take the capital risks to create new products,
Patents are a particular type of institution that is designed to protect an individual’s intellectual property rights. Britain’s patent system was established in 1624 and rose steeply in the mid-1750s which is around the time that the Industrial Revolution commenced (Moykr, 2009, p. 349). The significance that patents exercised during the Industrial Revolution was influenced by the political events that were occurring during this time. The political events increased the importance of intellectual property rights (Mokyr, 2009, p.349). Therefore, during the Industrial Revolution, there was an increase in the desire to protect the inventions or ideas of individuals. However, some inventors have expressed different opinions of the patent system
- One who creates a new business in the face of risk and uncertainty for
America founded the principle of freedom. One of the liberties is the ability to start or to own a business. Entrepreneurship helped establish the US economy. Small business and business ownership are the heart of the American business world. Since early colonial times, early Americans have looked for ways to start a better life. Today, business owners have transformed and developed the American economy into a mega structure. Throughout the start of the American economy, there have been numerous changes that have helped shaped the economy. The small businesses have a unique history and characteristics as well as the advantages and challenges.
"Pokémon, got to catch them all, it 's you and me, I know it 's my destiny, Pokémon, oh, you 're my best friend in a world we must defend"
Despite being an intimidating prospect for most people, there are millions of entrepreneurs in the US. Some of them turn out to be very successful, others, not so much. There are many steps to starting and running a business, but many of them can be easily accomplished simply by filling out some forms, and several small fees.
Looking back at the history of the United States of America from the first patent issued in 1790 to today, we can see how every advance in technology seemingly leads to the next one. Starting with the cotton gin, this simple invention allowed for much