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The Importance of Entrepreneurs
Acton Institute's must-see film
By Bluey Posted in Economy — Comments (1) / Email this page » / Leave a comment »
The Acton Institute premieres its excellent documentary, "The Call of the Entrepreneur," tonight at the E Street Cinema in Washington, D.C. It's the part of the kick off for the American Film Renaissance Festival. You can buy tickets here for $10.
Entrepreneurial businesses in America are positively exploding in numbers. I've heard several times that there are now approximately 20 million microbusinesses, a mindblowing number that I don't quite believe. Even if the true number is a fraction of that, it's still a very important change.
I think about entrepreneurial capitalism every minute of every working day, and it's a very complex phenomenon which has largely escaped mainstream economic analysis.
(To me, a small business is anything with less than maybe $1 billion in annual revenues, and a median headcount of about 3000. A "microbusiness" is anything from 100 employees on down.)
Many different kinds of microbusinesses are enabled by the fact that traditional capital doesn't matter in the same way today that it once did. There is something new under the sun, and that's the fact that information now constitutes a large component of many value chains.
If this theory of mine is true, then a microbusiness often can be as productive as a large one.
The trend will grow, and will all by itself create enormous new markets, as microbusinesspeople have needs that are not well served today.