How does entrepreneurship empower all?
Discussions About Economic Benefits of Entrepreneurship
Entrepreneurship is becoming more of a learned practice than business activity. Kim B. Clark, the dean of Harvard Business School, says, “The concepts of leadership that are going to be important in the future spring out of an understanding of entrepreneurship.”
It is well researched that entrepreneurship empowers all, regardless of education, sex, color of skin, and nationality.
According to Amar Bhide, who studied the founders of successful ventures, about 80 percent had a college degree, 48 percent had a four-year degree, 15 percent had an MBA degree, 20 percent had some other advanced degree, and 11 percent were only high school graduates. As for their origins and backgrounds, 63 percent were from middle class, 26 percent described their backgrounds as working class, 5 percent were poor, and 6 percent came from affluent backgrounds.
An important but neglected area in the study of entrepreneurship is the role of women in the building of high-growth ventures. Historically women have tended toward low-risk, slower-growth ventures. But things are changing as women in senior levels of marketing and management are being exposed to raising money and managing new business ventures.
Minority-owned businesses have grown explosively in the 1990s. Nearly 25,000 now have sales of more than $1 million. Information put together by U.S. Census Bureau’s “Survey of Minority Owned Business Enterprises” found that Blacks own more than 800,000 ventures, and that there were some 3 million minority entrepreneurs by the end of the 1990s. Also, skilled immigrants are an increasingly important but largely unrecognized source of well-educated entrepreneurs. The Immigration Act of 1990 created significant new opportunities for foreign-born, highly educated professionals.