![]() a leading indicator of new business creation in the United States, 3.4 of every 1,000 American adults created a business per month in 2010, or 565,000 new businesses, a rate that remained consistent with 2009 and represents the highest level of entrepreneurship over the past decade and a half.Īnother helpful view of entrepreneurship is provided by the twenty-first-century management scholar Peter Drucker. Startup Activity, Kauffman Study Shows,” news release, March 7, 2011. More Than Half Million New Businesses a Month Created in the United StatesĪccording to the Kauffman Index of Entrepreneurial Activity, Ewing Marion Kauffman Foundation, “‘Jobless Entrepreneurship’ Tarnishes Steady Rate of U.S. In many respects, sustainable businesses are significantly changing, if not revolutionizing, the patterns of production and service delivery, transforming business practices in ways that benefit the environment and society. In Schumpeter’s view, entrepreneurs are innovators who drive the “ creative destruction A description of the overall lifecycle of business in which technologies, goods, and services are constantly being replaced by new technologies, goods, and services with the result of making the economy stronger and society better off.” process, reforming or revolutionizing the pattern of production. It is the twentieth-century thought on entrepreneurship from Joseph Schumpeter, an Austrian born and then Harvard University–based economist and sociologist, which has most influenced contemporary thinking about entrepreneurship. The higher value activities can be activities that bring value to both individuals and society. In the nineteenth century, the French economist Jean Baptiste Say refined the meaning of entrepreneurship to individuals who create value by shifting resources from lower- to higher-valued activities. ![]() The meaning of entrepreneurship is derived from the French seventeenth-century term for someone who “undertakes” and more specifically someone who undertakes a specific project or activity. Entrepreneurship is to a large degree a mind-set, always striving to do new things in an innovative and better way.
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