Here is a partial summary of what I read and how we can solve America’s economic problem:
Innovators come up with ideas, and
- Can we sell it?
- Exactly who is the customer?
- What miracle does it provide the customer?
- What is the business model?
- How many customers will love this?
Entrepreneurship is the horse, and innovation is the cart. In putting innovation ahead of entrepreneurship, our thinking has been dangerously cut off. It doesn’t matter how brilliant the innovative idea is if there’s no one to create a business that sells it.
There aren’t enough entrepreneurs staring new businesses. Here are the latest stats from the Bureau of Labor Statistics: Here
We are behind in starting new firms per capital (compared to other countries), and this is our single most serious economic problem in the US. The economy is never coming back until we reverse the birth and death trends of American businesses and keep them growing.
When small and medium-sized businesses are dying faster than they’re being born, so is free enterprise. And if free enterprise dies, American dies with it.
Because we have misdiagnosed the cause and effect of economic growth, we have misdiagnosed the cause and effect of job creation. To get back on track, we need to quit pinning everything on innovation, and we need to start focusing on the almighty entrepreneurs and business builders. And that means we need to find them.
Forget Washington, it all needs to happen at city level. Some cities welcome business and entrepreneurship. Some city leaders attract innovators, but they will fail if they do not attract entrepreneurs as well.
Getting local businesses to align the strategies and will of the great local organizations such as Junior Achievement, 4-H Club, DECA, Lemonade Day, Operation HOPE, and so on…to find and develop blue-chip entrepreneurs. Assessing young people with the Entrepreneurial Strengthen Finder” helps us find and nurture young people with the “10 Talents of successful Entrepreneurs” to develop them into the adults we need to bring more jobs by building businesses in each city in the US, starting with our own local economy.
Each City needs it’s highly individualized plan because each city has it’s own unique entrepreneurial talent–and each must find it, maximize it, and retain it. Early Identification of rare entrepreneurial talent will be the most significant turning point in the recent human history. And this talent is out there today, undiscovered.