Entrepreneurship

Summary:
Entrepreneurship is the process of bringing an idea to life and sharing it in the marketplace. Entrepreneurship creates value for society, thereby increasing living standards and quality of life. It creates economic independence, wealth, and jobs. The changing nature of work, including the online platform economy, has implications for both economic independence and entrepreneurship. 
 
While the entrepreneurship rate has picked back up again recently, it was weighed down for many years during the aftermath of the Great Recession. This decline in entrepreneurship reduces productivity, economic growth, wages, and living standards. Simply put: A decline in entrepreneurship means a decline in quality of life for Americans. A new economic model that infuses entrepreneurship into the economy and removes barriers to starting and growing businesses is needed. Targeting barriers to economic competition such as non-compete clauses, occupational licensing, broad patents, and other rent-seeking measures can help boost the level of new firms.
 
There is a racial entrepreneurship gap where entrepreneurs of color remain underrepresented. Access to capital, the lifeblood of entrepreneurship, is one of the biggest obstacles facing minority-owned startups. While an influx of women into the labor force has ushered in significant gains in economic growth and worker productivity, fewer women have become entrepreneurs, meaning their potential contributions to job creation, innovation, and economic growth have not been realized.
 
The principal sources of innovation and job creation are new, young, and growing companies, responsible for nearly all of the net new job creation in the U.S. economy. Research suggests that policymakers seeking to promote entrepreneurship in their city or state turn from past strategies and embrace a new approach that puts entrepreneurs at the center.
 
To increase entrepreneurship, the traditional education system must be reexamined and reoriented to prepare students for the future of learning. Leaders across the country are reimagining school to foster innovation, entrepreneurship, and collaboration, yet only some students are benefiting. Cutting edge education reforms must be expanded to prepare all students to succeed as entrepreneurs. 
 
Americans have the fundamental right to turn an idea into an economic reality, regardless of who they are or where they're from, with zero barriers in the way.

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Sergei and Vadim Revzin
Judith Scott-Clayton, Brookings Institution
Victor Hwang, Kauffman Foundation
Victor Hwang, Kauffman Foundation
Early Education and the Success Sequence <div class="video-icon"></div>
American Enterprise Institute
Kauffman Foundation
The State of Entrepreneurship in America <div class="video-icon"></div>
Kauffman Foundation
Jason Wiens, Evan Absher & Emily Fetsch, Kauffman Foundation
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