Entrepreneurship is very appealing to women in leadership. You get to be your own boss and the challenges of building your own business can be exciting. Is entrepreneurship something that you have considered? Perhaps the idea of working for yourself sounds appealing, but you don’t know where to begin. Maybe you’ve worked a full-time job all of your life and are afraid of what working on your own might mean. Here are some things to consider as you think about entrepreneurship.

1) Get your spouse’s support: Starting your own business will take a lot of mental and physical stamina. You will work long hours and will likely spend many days and nights away from home networking, marketing and building your business from the ground up. Be sure to discuss what entrepreneurship will mean with your spouse and get his/her buy-in. Having your spouse’s support and partnership as you take on a new endeavor will provide you with the extra fuel that you need when the going gets tough.

2) Get your financial house in order: Entrepreneurship is rewarding, but also very risky. In fact, many small businesses spend more than they make the first year of business. Before you take the plunge, work to clear your consumer debt and create a nest-egg that you will be able to rely on. Perhaps you want to cut back on your hours at work to ensure that you still have some steady income and health benefits while you develop your small business.

3) Plan and prepare: According to the Small Business Administration, 50% of small businesses fail within the first year. One of the primary reasons they fail is lack of planning and preparation. Take the time to get advice from the Small Business Administration or local economic development corporation. You may even decide to invest in a business coach who can help you develop a solid business plan and marketing strategy.

4) Stay focused: Entrepreneurship requires self-motivation, stamina, persistence and focus. You will need to program your mind for success. In order to do so, surround yourself with other like minded individuals. Join your local Chamber of Commerce or join a mastermind group. Both will offer you the opportunity to network with other entrepreneurs who can share in your experience, provide helpful advice and even offer strategic partnership opportunities.

There is a lot to consider before becoming an entrepreneur, but if you plan and prepare it can be extremely rewarding and fulfilling.

Ellie Nieves, Esq. is a Speaker, Writer and Leadership Coach. Through 55-minute telephone coaching sessions and live seminars, she helps women develop leadership skills, set strategic goals, bolster effectiveness and create a personal brand. To learn more go to http://www.LeadershipStrategiesForWomen.com.

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Perhaps, these young ones suited to youth social entrepreneurship. Why is that?

The youth have a lot of passion. Social entrepreneurship is not motivated by money or profit. It is actually driven by a desire to make the world a better place. Too often though, charitable institutions are not creative or ambitious enough to make big changes in the world. With the passion of youth social entrepreneurship, perhaps the world can be a better place.

Almost boundless energy. With youth come strength and energy. Although a lot of youth and young adults are devoting their energies to destructive causes such as gangs and self-destructive habits, some youth can be asked to make a difference in their world. With their almost boundless energy, the youth can certainly make an impact in any of their chosen advocacies or causes.

Technologically savvy. The youth are also savvy in using the internet, the Web and the latest technologies that come out in the market. While older people tend to use such gadgets extensively, youth tend to be more creative in using these tools and integrate them in their lives. The use of technology can enhance whatever cause that youths choose to support.

No big deal responsibilities. Most youth are carefree. This just means that they still do not have big deal responsibilities. Because of that, they have more free time to travel, to devote some part of their money to some cause and advocacy. They can also serve as volunteers in a non-profit organization. Or, given their youth, they can even start their own movements in changing the world.

Risks. Youth are generally risk-takers. They want to always push the limits and boundaries-whether in the home, in the school or in society. Imagine if the youth expended their energy on a world-changing activity and opportunity! The world will become an amazing place in no time.

Youth social entrepreneurship is nothing new. It is just gaining new attention because a lot of youth have engaged in destructive behavior that it is surprising and refreshing to see youth and young adults engage in social entrepreneurship that could help change the world for the better.

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There has been tremendous proliferation of ‘get-rich quick’ internet schemes, and more often than not, these packages are designed to lure opportunists with the ‘get-rich’ mentality into forking out their pockets in hope of becoming the next ‘big thing’ on the Net. Contrary to this, being a successful internet entrepreneur doesn’t just happen overnight. Yaro Starak, a successful Australian entrepreneur, has this to say about ‘get- rich’ schemes:

“Here’s what you need to do. Stop buying products, look at what you have already, what you have learnt and where you think you could best leverage your skills.”

As is the same with brick-and –mortar entrepreneurship, internet entrepreneurship requires one to transform an idea into action. More often than not, it is a long process of perseverance and preparation, and the common reason for failed entrepreneurship ventures is more often due to laziness. Also, the lessons learnt in brick-and-mortar entrepreneurship must be applied to internet entrepreneurship, as elements like a strong idea for a product or service, solid understanding of the product or service, the customer, marketing principles and elements of financing ( CELCEE, 2003) must be factored in carefully. Furthermore, net-prenuers have to understand the dynamics of web technology in bringing their stores to the homes of their customers. These are considerations that a net-prenuer has to account for.

Above all factors, the defining characteristic of a true net-prenuer is one who has faced rejection, and has managed to overcome its hurdle. This was the case with Eric Smith, creator of eBay’s UnWired Buyer service, which alerts eBay buyers when their auction is ending and allows them to make last-minute bids by phone, using a phone firewall technology. The rationale behind UnWired is this: Buyers bid more often and bid higher when they use UnWired Buyer’s services, and the higher an auction goes, the bigger the payoff for eBay. eBay then pays UnWired an undisclosed percentage of revenue it gets when an Unwired Buyer user wins their auction. What most don’t know is that before the success of UnWired, Eric suffered a failed business opportunity in an earlier net venture utilizing phone firewall technology for online daters and users of social networking sites, who wanted to connect with potential matches without revealing their real numbers. Within a month of introduction, users found the service too expensive, as Eric had no way to lower the cost of that technology.

However, against all odds, Eric saw another opportunity, when his wife was telling him how she had been outbid again on eBay one day, as eBay did not have such a free phone bidding service back then. As the story goes, Eric proceeded to sell eBay his technological idea, and the rest of UnWired is history.

In summary, the story goes to show that internet entrepreneurship transcends more than a great idea, but solid character and action also plays a pivotal role in success. The ability to overcome a setback and not to be overcomed, is a net-prenuer’s greatest asset. To borrow a quote from Janelle Elms, “ make sure you’re using the “triangle of success””. That triangle comprises of 3 factors: “Character, Conscientiousness, and Consistency”. This is the heart of a successful net-preneur.

John Leow is a freelance internet marketer who desires to promote internet entrepreneurlism amongst the youth of today. His research favorites include analysing different types of internet marketing programs such as http://www.Profitlance.com He is also a guitar enthusasist and trainer, and his free guitar course can be found at Guitar-Werks

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The first draw I believe is the most tempting reason from them all and that is profits.  I like to compare profits to politicians, the number one reason politicians who are in office run again is for re-election.  The number one reason for entrepreneurship is the potential for unlimited profits.  This is true but I feel as though the use of the word unlimited is over saturated because in order for one to seemingly fall into that category you need to have a product that is revolutionary and can be used worldwide such as McDonald’s.

The next allure still stays with my original intention, which was freedom.  Many people want that freedom of autonomy and the freedom to make a decision and not have to worry if it will cost you your job.  This is great to have but one must remember when you have a business yes you do make decisions but if you make one really bad mistake it could cost you your business and in that situation your livelihood.

The last big allure of entrepreneurship is taxes.  It seems as though in business one can almost write off anything.  With taxes one is able to make there business an entity free from the entrepreneur making the owner not liable for anything bad that goes on in the business.  This is huge because this can shield entrepreneurs in some cases from being sued for everything they have.  Also in entrepreneurship taxes are generally lower and with the help and advice of a CPA one can find ways to make a cheaper tax bill at the end of the year.

With that of profits, freedom and taxes entrepreneurship has been an arena that to this day continues to attract people by the millions every year.  However it is vitally important that one knows what they want to do and know deep inside them that they too can succeed because with a business venture comes great risk and if one fails then they can find themselves in financial ruins.  I’m an advocate for entrepreneurship I just believe that you need to be prepared and to remember this single quote that I live by.  It’s this “If you want something in life go and get it period”, if you can live by this when starting a business then there should be no reason why you can’t see success.

I am a young Entrepreneur who is hear to provide some personal insight on varying topics ranging from entrepreneurship to reviews on topics of my liking. I enjoy voicing an opinion on a topic and then engaging in some form of dialogue with others to encourage debate. Please fill free to leave a response to any of my articles. If your an Entrepreneur at heart as well you might find my website provides great entrepreneurial information and might just enable you to do the same as I. http://bestwealthcreators.com

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There are certain qualities attributed to the entrepreneurs. Entrepreneurs have to be the perfect embodiments of several qualities like – organization, integrity, patience, honesty and of course they need a big heart. If you are someone who has a great idea but are scared about implementing them just for the sake of failing, then you are not the perfect entrepreneur and it is not your cup of tea. Entrepreneurs have this strange ability of assessing the risks and then invest their money. There are many who are really not able to take that risk.

Entrepreneurship is a great way to accomplish the dreams. Entrepreneurship is also about risk taking; one has to have a lion’s heart. The instincts and the integrity to succeed can help you in this cause. There are many ways in which one can achieve big roles- trusting your instincts are just one of them. Though business is all about being calculative and assessing the permutations and combinations, still the entrepreneurship is all about risk and instincts. There are times when logically an idea may seem to be stupid and boring without much of an importance in that point of time, but as the years roll on that idea may yield millions. Take for example the internet marketing. Everyone in this world liked this concept but was very apprehensive about disclosing their assets on website. Now, it is the trend which everyione follows, everyone want to do an internet shopping. E-bay is the biggest example of spell bounding success. There are many instances where people have climbed from rags to riches just by believing their Instincts. If you want to make your own way up in the hierarchy working in an office that time will never come soon. Every new idea in this world is a creation of one’s instincts. Instinctive people are not vague thinkers they are very organized people who believe in their work and evolve every day.

Entrepreneurs are bound to trust their instincts. One must understand that instincts can curb a pavement through the most difficult times. These are times when should realize that one thing can help you out of this mess that is your instinct and your senses. Entrepreneurs have to be stubborn and hard headed at times because they are the pioneers. They must believe in whatever they are doing. The Harder a person Works on their ideas and dreams the more fruitful their instinct will turn out to be.

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Most training program packages offer several modules ranging from personal finance to business strategy. The popular ones include:

Finance: Money matters prey high on any entrepreneur’s mind. Only a handful would probably have all the necessary resources for investing in their fledgling business without having to borrow. Managing the investment well is crucial in order to ensure a steady source of future earnings. Entrepreneurship training programs could offer guidance on choosing angel investors, planning an investment portfolio, insurance matters, exercising prudence and so on.

Ecommerce: Vital for the survival of any business today, e-commerce has opened up huge opportunities. No new business strategy is complete without an e-business angle. Yet, there are a number of older generation entrepreneurs who are not entirely familiar with these concepts. For them, entrepreneurship training programs that concentrate on e-commerce business strategy and provide a boot camp type of training or crash course are particularly useful. is just one example of the several training options out there. Once they are ready to jump on the e-commerce bandwagon, sites like can provide very useful services.

Business development: Training programs could offer anything from tried and tested methods to innovative and fresh ideas, to help your business grow. Be it retaining employees or impressing clients, making your money grow or retrieving it in time, training programs can go a long way in addressing the needs of your business. In an increasingly competitive atmosphere, such programs prove indispensable.

Street smart skills: Many other aspects of your personality could influence the profitability of your business. You need strong negotiating skills for instance, in order to strike profitable deals with clients and vendors. Likewise, great communication skills are essential to make the right impression in the right places. Stress management techniques are critical when dealing with difficult situations. Specialists offer mentoring to develop one or more of the above skill sets. In addition, they could help you figure out your strengths and weaknesses, thereby focusing your attention on areas for improvement.

Revamping: Want to give your business a much needed makeover? Revamping is ideal if you want to keep the freshness alive at work. But you need to be careful about the consequences as well. If you are planning on changing the way a product looks, keep in mind that your customers would have grown familiar with a certain image and deviating too much from the usual may not go down well with them. Professional help could see your business through a successful makeover.

Legally smart: Laws have been strengthened and made more comprehensive over the years; as a result there are a mind boggling number of legal issues that business owners need to deal with. Staying up-to-date will keep you from running into rough weather. While resources are aplenty on the internet, you could avail of professional help from a specialized entrepreneurship training program. While on the subject, we’d like to mention that Intellectual Property Rights have assumed significance in recent years and for all you inventors out there, is invaluable!

That’s not all. Suffield University grants degrees in a number of interesting fields; take your pick. Vaughn College of Business awards degrees in Business and Entrepreneurship. Visit them to learn more. provides you with a list of online training programs. Learn about the Entrepreneurship Training programs available, at Entrepreneurship training could help you mold your ideas, old and new, into profitable undertakings. Both amateurs and experienced entrepreneurs stand to gain from such programs. Go get that extra edge!

Hi, I’m Akhil Shahani, a serial entrepreneur who wants to help you succeed. If you like to work smart, check out http://www.SmartEntrepreneur.net . It’s full of articles and resources to help you start and grow your business successfully. Please visit us & download our special “Freebie of The Month” at http://www.smartentrepreneur.net/freebie-of-the-month.html

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Whether it is the desire to be your own boss, pursue your own ideas or the hope of financial rewards, people are changing their outlook on how to do business. Within the scope of entrepreneurship there are four demographics that are increasing faster than ever.

Women Entrepreneurs

In 2002, the most recent year the U.S. Census Bureau collected business ownership data, there were 6.5 million women-owned businesses. That number is up 20% from 1997. Traditionally, women-owned businesses were most prevalent in the health care and professional services industries. But surprisingly, the fastest growing areas of women-owned businesses are construction (up 30%), agricultural services (up 24%) and transportation (up 20%).

Minority Entrepreneurs

The number of minority-owned businesses has also risen sharply over this same period. Growth in African-American owned businesses is up 45% from 1997 to 2002. Both Asian-owned businesses and Native American-owned businesses have also increased, at a rate of 24%.

Senior Entrepreneurs

Although the U.S. Census Bureau does not specifically collect data on senior-owned businesses, there is strong evidence to suggest more seniors are getting involved in entrepreneurship. This dramatic increase can be attributed to corporate downsizing, growing worries that seniors are going to need more income to cover future health care expenses, and an increasing desire for older workers to obtain personal fulfillment in their lives after retirement.

Young Entrepreneurs

Perhaps the fastest growing demographic of entrepreneurship is young people. According to a Gallup study, 7 out of 10 high school students want to start their own companies. Interest in entrepreneurship is also growing on college campuses. Presently there are 1992 two and four-year colleges that offer at least one course in entrepreneurship. This number is up from just 300 colleges in 1985.

No matter who is starting all these new businesses, entrepreneurship is undoubtedly a growing trend throughout the world. As the economy is struggling and people are getting laid-off, more and more people are realizing the benefits of entrepreneurship. The desire to become a corporate eight to fiver is losing steam, when are you going to jump on board?

Nick Tart is a senior at Colorado State University and the founder of JuniorBiz.com, teaching young people how to become entrepreneurs. He anticipates graduating Magna Cum Laude this spring and chooses to use his $40,000 education to help young people with their businesses. Find 100+  teen business ideas  on his site. Entrepreneurship is a game. May the best one win.

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Essentially, social entrepreneurs identify public problems and apply business acumen to resolve them. Instead of using a venture solely to make a profit, they aim at simultaneously impacting a society and regulating positive change. The success of such an endeavour is, therefore, measured not just on the basis of balance sheets, but on the effect it has had on a community.

Social entrepreneurship demands the same confidence, motivation and innovation as any other business, but in a manner that prioritises social development and the simultaneous creation of social and economic values. Hence, more than making a profit, it amounts to executing social change by means of unique solutions that help a community overcome established obstacles.

By definition, most social entrepreneurs take on problems that are ideally in the domain of government concern. Instead of waiting around for problems to be solved or brushing them under the carpet as many governments and societies are wont to do, they see them as opportunities to effect positive change. Social entrepreneurship is therefore all about combining a vision for a brighter future with the realization that, in order to achieve long-term goals, drastic effort and creative solutions are called for.

Like any other business venture, social entrepreneurship programmes cannot be isolated exercises. Most entrepreneurs, for instance, promote a non-profit organisation in the hope that other individuals and agencies will move in to support the cause and help multiply its benefits across larger sections of society. The extent of success of such endeavours is often based on the amount of collaboration and grassroots involvement they are able to generate.

Furthermore, and just like business ventures, social entrepreneurship projects depend on some degree of risk-taking. Only, in this case, the risk is not limited to financial security but involves social activism and passion. In this context, social entrepreneurship activities may appear to be incredibly perilous, but the risks pay off many times more in terms of their benefits to society.

The Impact on Society

Social entrepreneurship is as important for a growing society as business entrepreneurship is for a developing economy. They are both critical for sustainable development and accelerated inclusive growth.

The significance of their impact on societies can be gauged from the contributions of some eminent social entrepreneurs who are feted for positively and permanently impacting our world. In 19th Century United States, Susan B Anthony led the fight for women’s suffrage and helped establish equal rights for them. In 20th Century India, Vinoba Bhave founded the Land Gift Movement that caused the redistribution of more than 700,000 acres of land to the country’s poorest. Italian physician Maria Montessori (1870 – 1952) determined deficiencies in the early educational system and developed a new approach that continues to be relevant across the world today. Before her, compatriot Florence Nightingale helped establish the first school for nurses and fought to improve hospital conditions. Birth control activist Margaret Sanger encouraged family planning around the world with her Planned Parenthood Federation of America. These and other social entrepreneurs have made extraordinary contributions in shaping the modern world.

Examples of Nigerian Social Entrepreneurship

It is hardly surprising that social entrepreneurship has tremendous relevance for Nigeria, a country of paradoxical economic realities, with booming oil revenues on one hand and decrepit poverty on the other. Civil strife, political turmoil and religious upheavals have all contributed to turning this resource-rich nation of 148 million people into a landscape of economic malfunction and some of the worst human development indicators for the entire African continent. The return of democracy at the end of the last century and the installation of progressive policies have started the process of redirected growth through more sustainable means. Today, Nigeria is seen as having stepped back from the abyss of economic and social disaster and on the brink of a resurgence projected to take the second largest economy in Africa to the top twenty economies of the world by 2020.

A host of Nigerian social entrepreneurs are actively helping achieve this objective by alleviating social ills and driving positive change through innovative solutions.

Durojaiye Isaac instituted DMT Mobile Toilets in Lagos in 1999, an organization that strives to make a difference to the economic and environmental health of Nigeria. His social enterprise produces, hires out and maintains portable toilets, promoting sanitation and creating job opportunities for hundreds of local youths. For his innovative contributions, Isaac was awarded the prestigious Schwab Foundation’s Social Entrepreneur of the Year award for 2005.

Joachim Ezeji is the founder of Rural Africa Water Development Project (RAWDP), an ambitious programme dedicated to improving access to potable water in remote Nigerian communities. Founded in 2000, the project continues to train new members in an effort to develop community water infrastructure across the tropical country. Since its inception, RAWDP has given millions of Nigerians access to clean drinking water.

Ada Onyejike launched the Girl Child Art Foundation (GCAF) which promotes education and social change by empowering young women through performance arts and creative writing. This pioneering enterprise focuses on issues like child marriage, trafficking and polygamy through art, music and dance in and effort to engineer progressive change in Nigerian society. Beginning as a small volunteer operation in 2000, Onyejike’s foundation currently reaches thousands of women in the age group 8-25 in hundreds of communities across the country.

Cletus Olebune operates an outfit that tells the world about events occurring in Africa in an effort to boost tourism and open up the continent to the world. This passionate social entrepreneur uses the power of the written word to help Nigerians in diverse aspects of their lives, imparting knowledge and education to boost productive engagements and improve the country’s standing in world rankings.

Gbenga Uriel Ogunjimi, a social entrepreneurship pioneer, works to promote employment opportunities for Nigerian youths. He runs Landmark Internship International, which uses the Internet to connect with social enterprises around the world in need of local talent, as a means of meeting the nation’s social and economic challenges.

Rochas Okorocha is a rich entrepreneur. He established the Rochas Foundation which was borne out of a simple commitment to help the less privileged and poorest in the society. The foundation also focuses on breaking the cycle of poverty so that children can become self sufficient, contributing members of their societies.

These are just a few examples of social entrepreneurs and their impact on Nigeria’s holistic growth prospects. Besides generating employment, innovative goods and services and fostering equitable growth in society, they help generate the much needed social capital that is crucial for Nigeria’s emergence as a worthwhile economic powerhouse.

By Peter Osalor FCCA, CTA Partner – Peter Osalor and Co Chartered Certified Accountants and President Success in your business.

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The innovative ideas in entrepreneurship include the methodologies and strategies to manufacture brand new products with the aid of spurring advanced technologies to market in novel markets. Wealth creation is a major aim of any entrepreneur. Hence the entrepreneurship must be advanced enough to tackle the demand by generating valuable cost worthy products to the customers. The main qualities required in an entrepreneurship are a seasoned professionalism, discipline and a well structured approach to handle thing in an appropriate manner. Systematical qualification is the major eligibility of an entrepreneur. Opportunity assessment and harnessing the valid opportunities is a major chore in an entrepreneurship.

An overwhelming intention to succeed, competitiveness, a solid determination, self confidence, ground breaking ideas, readiness to accept variety, incited and energetic nature etc are the major requirements for an efficient entrepreneurship. A good entrepreneur must be outstanding from the mass. A well performing entrepreneurship must handle the team of human resources proficiently retaining the team spirit of each and every employee for the efficacy of a better wealth creation. Uniqueness plays a key role in entrepreneurship also. It is not sufficient that the entrepreneurship just survive, but thrive. Relentless performance is what entrepreneurship demands.

Rather than skills, perception matters in the case of entrepreneurship. The world of an entrepreneur is always on the verge of risks. Successful entrepreneurs will be aware of the uncalculated risks. Opportunity risk is of little importance in a venture when financial risks as well as credibility risks are considered. Financial risk is a major issue since monetary issues are in to the matter. The capital input may fails to produce fruitful results in the flourishment of venture causing financial risks. It can even lead to the complete destruction of an entrepreneurship. The personal risk is laden with emotional and relational entailment. Credibility risk and value risks are another types of risks associated with entrepreneurship. Here the market fails to retain the signature of the products due to some reasons like any collapse in quality, supply, promotion etc. The entrepreneurship must be well armed to face these risks associated with the business.

The rewards of an entrepreneurship hits in various forms. A substantial entrepreneurship must give the venture challenging advantages that would create wealth. The broad experience and well seasoned entrepreneurship that perfectly balance the risks and rewards can bring out a fruitful business. The economic growth of a country highly depends on the entrepreneur clusters. Thus there is an invisible colligation between a successful entrepreneurship and national income.

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Entrepreneurship is in full vogue in America. Small-business activities and growth is at its peak. About 2346 of small businesses are established each day! No doubt that most of it get disestablished each day, approximately 2106 every day! But this buzzing activity is keeping entrepreneurship alive. There are approximately 5.8 million firms in America, and nearly 10.1 million people working there are self employed.

Small business and industry hold a huge portion in the American economy. There is a plethora of small and medium entrepreneurs in America which constitute to major chunk of revenue and employment opportunities. The statistical data summarized and presented below in this context gives weightage to the aforesaid.

o Approximately 99% of businesses in America are small.

o The small business employs about 50% of the private sector workers.

o The small business adds about 75% per annum to the U.S. economy

o The small business represents the total strength of 99.7% employers

The dedication, innovation and initiative of small business owners make them an important part of the U.S. economy. The ample of opportunities provided by the small business makes them all the more popular. Small entrepreneurs provide means of livelihood to approximately to half of America. Indeed the job of small entrepreneurs is not easy but tough work gives them satisfying rewards. The popularity of small business is primarily because it gives freedom and flexibility to an individual. This in turn gives innovative ideas to the enterprise which encourages growth and productivity.

But the small entrepreneurs cannot run the entire show on their own. The U.S. economy plays a vital role in encouraging these players to nurture themselves into the economy. It provides affable environment and complimenting policies in order to allow them to flourish.

In order to construct workable environment, in which small businesses in the U.S. economy can prosper, President George W. Bush has tied with private-sector and nonprofit organizations to focus aptitude, skill, and other assets on facilitating economic development and enterprise all across America, and particularly in otherwise neglected areas. All these sectors have joined hands and are now educating people to lure them in entrepreneurship making it all the more popular and effective.

Entrepreneurship and Population

The trend shows that people in between the age group of 25 and 34 have strong inclination towards entrepreneurship.

Another facet to entrepreneurship in the U.S. is that in comparison to women, men are more inclined towards such opportunities. Almost 15.7 percent of the men show interest in entrepreneurship. On the other hand women count to 8.2 percent only. This indicates that in comparison to women, men exhibit almost double interest in entrepreneurship

People having specialized, professional, technical or business school degrees show greater inclination in entrepreneurship in the U.S. This was to almost 17.8 percent of the total entrepreneurial activity.

African- Americans contributed to the maximum TEA or Total Entrepreneurial Activity. The TEA rate of African Americans is almost 16.5 percent. Surprisingly the lowest rates are of white Americans of about 10.8 percent only, whereas the Hispanic Americans exhibit a rate of 15.2 percent.

Entrepreneurship and Financing

Financing of viable projects is an important aspect in the entrepreneurship. In the absence of sufficient investors, the ventures cannot take the shape of a working model. Mere conception of idea and jotting the same in black and white does not give wings to the project to take off. It is the life blood that supports both budding and existing entrepreneurs. The investment can be either in the form of informal or formal venture capital. America shows a high prevalence rate of informal investments. As per data 5 percent of people have contributed to the business ventures of their family or friends in their past three years. The formal venture investment accounted to only 0.2 percent of the total. Where the informal investment went to millions of companies in the United States, the formal investment contributed its presence to only 2500 companies in which the new venture very few.

Cultural and Social Norms

Entrepreneurs are a group of people who foresee a business opportunity, explore its viability and start the venture. The rate of growth of every country’s growth largely depends on the cultural and social norms prevalent in that country. American culture has been characterized as one seeking opportunities for new ideas and involving high risk taking in business. In fact, the culture supports the entrepreneurial development and the world index shows higher degree of entrepreneurial activities and opportunities in the U.S. as compared with other countries.

It has also been a consistent feature of the U.S. population that they possess strong perception of having the required skills for business, they are relatively less scared with failures and always strive towards new ventures and unexploited business ideas. Overall, the nation’s culture determines to what extent the social norms are encouraging the individuals’ intentions to conduct business in the country. The social and cultural norms are therefore vital to the growth of entrepreneurial sector of any economy.

To Sum Up

Entrepreneurship in the United States has been always on the upward trend and still continues to do so. The United States outshines the rest of the world in terms of entrepreneurial growth. It also leads in providing training and growth opportunities, to the individuals who show interest in this field. With the ever increasing popularity of internet the entrepreneurship in America has taken new dimensions and the pace of economic development has speeded up. Immigrants from all over the globe make United States their final destination to prosper in life. The large number of small business prospering in the country, employing more and more population of the country, along with its flexibility in operations and supporting laws, gives a clear indication that the future is of this sector and it will emerge as an important component in the future economic growth of the country. The supporting government rules and regulations make it a hub for future entrepreneurs. As already termed as the ‘Land of Opportunities’, America stands up to the name by providing a whole canvas to paint pictures of one’s own creativity and expertise.

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