Entrepreneurial activity, or in other words, the creation of new businesses, is what supports local economies, what supports our country’s GDP, and what helps the stock market continue to grow. So why is it that entrepreneurship is such a powerful engine of economic development?
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We often hear that entrepreneurship is important, but it’s hard to overstate just how vital entrepreneurship is for the economy at large. Entrepreneurial activity, or in other words, the creation of new businesses, is what supports local economies, what supports our country’s GDP and what helps the stock market continue to grow.
So why is it that entrepreneurship is such a powerful engine of economic development?
It’s actually more complex than you might think.
Small businesses, new businesses and job growth
First, the evidence suggests that small businesses created by entrepreneurs are disproportionately responsible for job growth. Small companies create more than 1.5 million jobs annually in the United States, which translates to 64 percent of total new job growth.
Why are new jobs so important? Economic growth is partially dependent on job growth. More available jobs lead to more people working, and more people working leads to higher GDP. On top of that, more people have recurring income and can better provide for their families.
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