A Reset for Entrepreneurship
Bloomberg Businessweek|June 29, 2020
Silicon Valley hijacked the concept for the privilege of a few. The present crisis affords an opportunity to redefine it so it’s more inclusive
David Sax
A Reset for Entrepreneurship

Two hundred and ninety years ago, when the French-Irish economist Richard Cantillon first defined an entrepreneur as anyone who worked for unfixed wages, he noted that the one thing that linked all entrepreneurs—from wealthy merchants to beggars—was the risk they shouldered as the price of independence.

That cost is clearly visible on the faces of entrepreneurs everywhere today. Shut down by necessity and starved of customers, many small businesses are bleeding money and fighting to stave of failure. Forty-four percent reported a decline in revenue during the second week in June because of the pandemic, according to data released by the U.S. Census Bureau on June 18. As the boarded-up shops, restaurants, and stores around our neighborhoods already hint at, many won’t survive the crisis.

As a journalist, I’ve devoted my career to writing about entrepreneurs in the pages of this and other magazines, as well as in books, the latest of which is The Soul of an Entrepreneur. I know they’re a resilient bunch. And that gives me hope because while Covid-19 is ending many small businesses, it’s already creating scores of new ones (page 30). The pandemic might have brought American entrepreneurship to the breaking point, but it also holds the key to its revival and a more equitable renewal—if we can get it right this time.

In an election year, you’ll hear politicians of all stripes speak admiringly about the contributions of entrepreneurs. It’s true, there’s strength in numbers: Small and midsize businesses (defined as those with fewer than 500 workers) employ about half of all working Americans and at last, count contributed 44% of the country’s gross domestic product, according to government statistics.

This story is from the June 29, 2020 edition of Bloomberg Businessweek.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the June 29, 2020 edition of Bloomberg Businessweek.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEKView All
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023