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The countries that promote entrepreneurship tend to be more economically successful. Economist William Baumol has called entrepreneurship the indispensable component of economic growth and prosperity in the United States. With more than 16 million people employed by businesses with fewer than 10 employees, the United States truly does run on small businesses.

But the United States is not the only place that recognizes the economic importance of entrepreneurship. China, India, and other nations also emphasize the importance of small business and are prospering as a result. The approach of the entrepreneurs themselves in each of these countries may vary. There is no one right path to entrepreneurial success. Rather, its up to the individual you.

In the United States, the most successful entrepreneurs look different. Google, one of Americas powerhouse technology companies, was co-founded by a brainy Russian immigrant who did not care much for media attention. He earned a PhD in computer science at a top university. He studied how mathematical formulas could improve search engine results. Oracle, another powerhouse technology company, was founded by a college dropout who grew his company with aggressive sales strategies. He has become a media celebrity. All successful American entrepreneurs dont look or act like real estate mogul Donald Trump; in fact, few do. Instead, successful business owners find the right path for themselves.

More and more people are finding a path and are finding the entrepreneurial spirit within themselves. Indeed, in the United States, we are experiencing a golden age of entrepreneurship. Particularly among young people my generation the prospect of starting your own venture has never seemed more exciting. A majority of college graduates today indicate on surveys that they plan at some point to start their own business.


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