The History of American Entrepreneurship

The History of American Entrepreneurship
The United States has entrepreneurialism deeply rooted in its history as the country was founded and settled by risk takers and innovators looking for new opportunity.
by Square Jan 01, 2018 — 3 min read
The History of American Entrepreneurship

The United States has entrepreneurialism deeply rooted in its history as the country was founded and settled by risk takers and innovators looking for new opportunity. Americans are raised learning about inventors such as Thomas Edison and Benjamin Franklin while entrepreneurs such as Henry Ford and Andrew Carnegie are also celebrated. In the late 1970s, the United States was the first country to embrace entrepreneurial endeavors while ditching managerial capitalism.

The start of American entrepreneurship dates back to settlers engaging in trade and barter with Native Americans which resulted in mutual benefit for both parties. Following the entrepreneurial endeavors of early settlers, entrepreneurship flourished in the period following the American Civil War. Rapid growth of the communication and transportation industries due to the expansion of mining and agriculture allowed entrepreneurs to easily find success.

By the later part of the 19th century, entrepreneurs were considered among the elite. Westerward expansion and the creation of the railroad led farmers to move west, prompted by governmental incentives and subsidies for industries such as railroad, banking, and land acquisition. This led to tremendous opportunities for profit, again allowing entrepreneurship to flourish. During the late 19th century, entrepreneurship can be underscored for creating capitalists, innovators, prospectors, financiers that could provide funding, and business men who were not only creating startups but expanding pre-existing businesses.

In more recent times, the industry probably most well known for creating successful entrepreneurs is the tech industry. Apple and Microsoft helped to lead the way for entrepreneurs in the tech industry. The late Steve Jobs, CEO and co-founder of Apple, as well as Bill Gates, Microsoft founder, embody the creative energy that is so important to entrepreneurship in the United States. Industry heavyweights such as Gates and Jobs represent the hard work and tenacity that often makes a successful entrepreneur.

Throughout the history of the United States, immigrants have also played a significant role in entrepreneurship. A high number of immigrants go on to start their own businesses upon settling in America. Some studies have even suggested that immigrants to the United States are more likely to become self-employed.

Entrepreneurs have always been and continue to be an integral part of the American economy. Entrepreneurs spur a large number of new jobs and according to research are less responsive to downturns in the economy.

Famous Entrepreneurs Throughout History

Square
The Bottom Line is brought to you by a global team of collaborators who believe that anyone should be able to participate and thrive in the economy.

Related

Keep Reading

Tell us a little more about yourself to gain access to the resource.

i Enter your first name.
i Enter your last name.
i Enter a valid phone number.
i Enter your company name.
i Select estimated annual revenue.
i This field is required.
✓

Thank you!
Check your email for your resource.

x
Results for

Based on your region, we recommend viewing our website in:

Continue to ->