Title: Mamas, Don't Let Your Babies Grow Up to Be Entrepreneurs
Introduction:
The closing of the American frontier in the late 1800s marked the end of an era of boundless opportunities, pioneers, and unexplored territories.
Similarly, the modern frontier of entrepreneurship, which experienced a surge in the late 1900s, appears to be facing its own closure. The landscape of independent business startups is encountering significant challenges, as identified by Edmund Phelps in "Mass Flourishing" and Amar Bhide in "The Venturesome Economy."
This article explores the reasons why the American entrepreneur, once celebrated as a symbol of innovation and prosperity, might be fading into the annals of history.
1. Decline of the West, the American Frontier:
In 1890, the U.S. Census Bureau declared that the West, the American frontier, was officially "closed." The dreams of pioneers seeking new lands and boundless opportunities were officially coming to an end. The nation shifted its focus to industrialization and urbanization, leaving behind the myth of the untamed West.
2. The Entrepreneurship Bubble and Its Challenges:
Similarly, in the late 1900s, a new frontier emerged—the realm of entrepreneurship. Driven by technological advancements and a cultural shift valuing innovation, startups became symbols of progress and change. However, the euphoria surrounding entrepreneurship faces harsh realities.
3. The Realities of "Mass Flourishing":
Edmund Phelps' "Mass Flourishing" offers insights into the decline of entrepreneurial dynamism, innovation, and creativity within society. Factors such as institutional barriers, economic inequality, and short-term focus have stifled the spirit of entrepreneurship, making it harder for startups to thrive.
4. The Significance of "The Venturesome Economy":
Amar Bhide's "The Venturesome Economy" underscores the importance of small, independent startups in driving economic growth and innovation. Yet, the challenges of the modern business landscape threaten the venturesome spirit.
5. Facing the Reality:
Amid the optimism and resources dedicated to entrepreneurship education, we must confront the truth: the American entrepreneur, once an icon of self-reliance, may be fading away. The dream of pursuing independent business ventures is facing unprecedented challenges.
6. "Mamas, Don't Let Your Babies Grow Up to Be Entrepreneurs":
As we ponder the closing frontier of entrepreneurship, the lyrics of "Mamas, Don't Let Your Babies Grow Up to Be Cowboys" echo a poignant truth. The notion of the rugged individualist forging their path may be a relic of the past. Today, the average American is more likely to be a cog in the machine rather than the rare shopkeeper of yesteryears.
Conclusion:
In conclusion, the parallels between the closing of the American frontier and the decline of modern entrepreneurship are striking. Edmund Phelps' insights from "Mass Flourishing" and Amar Bhide's wisdom in "The Venturesome Economy" shed light on the challenges faced by aspiring entrepreneurs. Just as the American West is never coming back, the romanticized era of the American entrepreneur may be a thing of the past.
Acknowledging this reality does not diminish the importance of entrepreneurship (a skill in my opinion best expressed in the overlooked book “Just Start” published by Harvard Business Review Press, co-written by one of the better presidents of Babson College, which for decades has held itself out as the premiere source of entrepreneurship training) as a driver of progress.
Rather, it calls for a pragmatic approach to fostering innovation and supporting ventures that can thrive in our ever-evolving world.
As we face the closure of the entrepreneurship frontier, it's time to reimagine our future—celebrating those who dare to pursue independent business ventures while ensuring that our economy provides opportunities for all. In the end, we must learn from history, embrace change, and craft a future where the spirit of entrepreneurship continues to inspire, regardless of whether the American entrepreneur remains at the forefront.
Your suggestions about corrections, deletions, and additions is very welcome, as are all your comments either here below, or at an online Socrates Cafe any Tuesday, Friday, Saturday, or 1st Sunday, at 6:30 p.m. Denver time MDT. For more see www.JohnWren.com now or write to me John Scott Wren, 1881 Buchtel Blvd. #501, Denver, CO 80210 or call me 24/7 (303)861-1447 Now, just start!
Free Research Preview. ChatGPT may produce inaccurate information about people, places, or facts. ChatGPT July 20 Version
No comments:
Post a Comment
Your comment or question here is very welcome! Or to keep it confidential email me at John@JohnWren.com After you post or send it is very helpful if you then call me at (303)861-1447 to make sure I take a look at your comment here or your email. Thanks!