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Fueling American Economy: The Entrepreneurial Revolution

Explore the impact of entrepreneurs on the American economy, from job creation to innovation since WWII and the rise of self-made millionaires. Discover the key players, industries, and trends that shape entrepreneurial success.

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Fueling American Economy: The Entrepreneurial Revolution

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  1. CHAPTER1 The Entrepreneurial Revolution

  2. The Backbone of American Economy • Research findings by David Birch of MIT • New firms created 81.5 percent of the net new jobs from 1969 to 1976 • Small businesses and entrepreneurs created more than 34 million new jobs since1980

  3. The Backbone of American Economy • Research findings by U.S. Small Business Administration’s Office of Advocacy • Small businesses represent 99 percent of all employers • Small businesses provide about 75 percent of all new net jobs

  4. Mega-Entrepreneurs Who Started in Their 20s • Microsoft—Bill Gates and Paul Allen • Dell Computers—Michael Dell • Apple Computers—Steve Jobs and Steve Wozniak • Federal Express—Fred Smith • Polaroid—Edward Land • Nike—Phil Knight

  5. New Industries Launched by the E-Generation • Personal computers • Biotechnology • Wireless cable TV • Fast oil changes • PC software • Desktop information • Wireless communications/handheld devices

  6. New Industries Launched by the E-Generation • Healthy living products • Electronic paging • Voice mail information technology services • Cellular phone services • CD-ROM • Internet publishing and shopping • Desktop computing • Virtual imaging

  7. Innovation Since World War II • Small entrepreneurial firms • Responsible for half of all innovation • Credited with 95 percent of all radical innovation

  8. The Global Economic Weapon • Global Entrepreneurship Monitor 2000 Report • High levels of entrepreneurial activity equals above average economic growth • Top three of twenty-one countries surveyed • Brazil • Korea at • United States

  9. America’s Self-Made Millionaires • The Millionaire Next Door by Thomas J. Stanley and William D. Danko • Millionaire—a person with a net worth of $1 million or more • Traits of these millionaires • Two-thirds are self-employed • Over 80 percent accumulated their wealth in one generation

  10. Entrepreneurship as an Equalizer and Mobilizer • Indifferent to race, religion, sex, or geography • Rewards performance and punishes shabbiness and ineptness • Greatest chance for self-sufficiency, self-determination, and economic improvement

  11. U.S. Venture Capital Investment by Year Number of Average per Sum Investment Time Period Companies Company ($millions) • 1990 1143 2.55 $ 2,914.34 • 1991 970 2.41 $ 2,333.40 • 1992 1054 3.63 $ 3,827.56 • 1993 945 4.83 $ 4,565.53 • 1994 954 3.98 $ 3,792.89 • 1995 1265 4.5 $ 5,693.46 • 1996 1809 6.29 $ 11,386.77 • 1997 2385 6.22 $ 14,823.33 • 1998 2821 7.03 $ 19,843.17 • 1999 4202 12.97 $ 54,499.93 • 2000 5608 18.24 $ 102,308.33 • 2001 3224 11.69 $ 37,672.20 Source: PricewaterhouseCoopers/Venture Economics/National Venture Capital Association/Money Tree Survey of 2/20/2002. Source: The Carlyle Group, Economic and Investment Environment, January 1997.

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