History of Entrepreneurship in the US

It is often said that small businesses are the backbone of the United States. This couldn't be more true, both today and since the founding of this country.

Entrepreneurship is the journey of creating value through one's own means. Its synonymous with the idea of freedom. So, when American colonies first sprung up, free of the hierarchies and firm traditions of Europe, it isn't surprising that they were full of entrepreneurs.

Although these first entrepreneurs had impact on policy in the early colonies, their greatest mark was left in the culture of America. The idea that someone can shape their own future is central to the American dream, and this is forever tied to the idea of creating value by oneself.

Accordingly, from Henry Ford to Microsoft, the America's greatest contributions to the world have not come from the government. Rather, they have come from people embracing their own ideas.

This is only possible because of both the cultural and policy environment of the United States. Firstly, America has a culture for risk taking. That when you have an idea that could change your life, American society tells you to seize it. This is theme that permeates American art, movies, and life. More than that, American culture embraces failure, the journey of the underdog. From here, it is the job of entrepreneurship policy to make starting a business viable. From direct public policy instruments such as small business loans and beneficial tax cuts, to indirect public policy instruments like educational resources and simpler laws for business establishment, it is the job of entrepreneurship public policy to make small business establishment actually possible.