Tuesday, January 27, 2009

impact of entrepreneurship on the economy

In the current economy of rising unemployment rates and falling profits, entrepreneurship gives a very innovative path to success to those who are innovative or economically sound enough to pursue it. With the unemployment rate so high, it's very easy to find qualified people to fill positions in emerging businesses. Those with the available cash to fund new endeavors find themselves in a very economically viable position to pursue options which those of few resources are left only to consider the possibility. Entrepreneurship gives our economy the ability to expand into new markets which were previously unexplored when the corporate fat cats were doing well and had a stranglehold on new markets. Entrepreneurs succeed in poor economies because they can find opportunity where others find only strife. New business endeavours allow those without jobs to find a way to support themselves and their families when traditional job markets fail. They also allow the economy to evolve and expand in new and unforeseeable directions. Entrepreneurship is one of the cornerstones of our constantly fluctuating economy and helps us make our way to a more profitable future. In this current economical climateI would start a business in the shipping industry, focusing on cheap methods of mass transportation(trucks with high gas mileage, routes which transport the most amount of product for the cheapest cost, etc.). Shipping is an industry without which all other industries would be unable to grow, due to the fact that they would have no method with which their product could reach the consumer. This makes shipping a neccessary industry which is very difficult to go without. Also, due to the costs of getting into this industry such as trucks, warehouses, and procuring clients, only those with a significant amount of capital can invest in this industry.