Entrepreneurial Firms
Nicole Fleischman
ES 250
Professor Middleton
September 18, 2013
Entrepreneurship: The Key to Economic Success
“More than any other member of our society, entrepreneurs are unique because they're capable of bringing together the money, raw materials, manufacturing facilities, skilled labor and land or buildings required to produce a product or service” (Tracy)1. They take risks in order to fill the void between what is available and what consumers want or need. Entrepreneurs create prosperity and growth within the economy “…because it is the entrepreneurial energy, creativity and motivation that trigger the production and sale of new products and services” (Tracy)1. These businesspeople help build our economy by creating jobs, increasing productivity and partnering with other firms to help reach success. Entrepreneurship is so crucial to society because “it's the entrepreneurs who serve as the spark plug in the economy's engine, activating and stimulating all economic activity…” (Tracy)1.
Entrepreneurial firms highly impact the economy by creating jobs, which is essential in fueling our economy. When an entrepreneur begins to expand their idea, they are in need of employees who can help them attain their goal of creating a successful business. This helps to keep unemployment stable as there are always new jobs being created in place of those that are lost. Entrepreneurship is a solution to high unemployment because those who were laid off or received pay cuts turn to creating a business as a source of income. In turn, these businesspeople hire more employees for their new company. This causes the unemployment rate to decrease and more money to circulate, which aids in bringing the economy back to a more stable position. However, in order for entrepreneurial firms to grow and create more jobs, they need innovation to create new ideas. Innovation is crucial to becoming a successful entrepreneur because an idea not only has to be new, but it also has to be
ES 250
Professor Middleton
September 18, 2013
Entrepreneurship: The Key to Economic Success
“More than any other member of our society, entrepreneurs are unique because they're capable of bringing together the money, raw materials, manufacturing facilities, skilled labor and land or buildings required to produce a product or service” (Tracy)1. They take risks in order to fill the void between what is available and what consumers want or need. Entrepreneurs create prosperity and growth within the economy “…because it is the entrepreneurial energy, creativity and motivation that trigger the production and sale of new products and services” (Tracy)1. These businesspeople help build our economy by creating jobs, increasing productivity and partnering with other firms to help reach success. Entrepreneurship is so crucial to society because “it's the entrepreneurs who serve as the spark plug in the economy's engine, activating and stimulating all economic activity…” (Tracy)1.
Entrepreneurial firms highly impact the economy by creating jobs, which is essential in fueling our economy. When an entrepreneur begins to expand their idea, they are in need of employees who can help them attain their goal of creating a successful business. This helps to keep unemployment stable as there are always new jobs being created in place of those that are lost. Entrepreneurship is a solution to high unemployment because those who were laid off or received pay cuts turn to creating a business as a source of income. In turn, these businesspeople hire more employees for their new company. This causes the unemployment rate to decrease and more money to circulate, which aids in bringing the economy back to a more stable position. However, in order for entrepreneurial firms to grow and create more jobs, they need innovation to create new ideas. Innovation is crucial to becoming a successful entrepreneur because an idea not only has to be new, but it also has to be