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Promoting the Regional Economy through Entrepreneurs Household income has gone down. Seven million more Americans do not have medical insurance. Another 3 million manufacturing jobs lost. The number of foreclosures doubled last year. Gas prices doubled. College costs are exploding.
Health care costs are skyrocketing. Deficit and debt are out of control. Blaming Republican irresponsibility does not solve the problem. Republican policy may have been deeply misguided, but cuts to critical areas such as state and local law enforcement, health care, and veterans and military retirees are harmful. Democrats offer a budget that invests in education, innovation, energy, and infrastructure. Economists agree getting out of this recession requires deficit spending.
Spending would be irresponsible without a plan to restore fiscal health. Getting the budget under control requires hard choices, which will be reflected in the Presidents budget. To be honest with the American people, the economic crisis will not end overnight. One of the reasons for the deep fiscal hole is eight years of the former Presidents recklessness. The projected deficit for Fiscal Year 2009 is $ 10. 2 trillion.
Two factors that created the record-shattering deficit are consistent irresponsibility of the former President and our efforts to dig out of the economic mess. Not long ago, floor debates were how to spend the projected $ 5. 6 trillion ten-year surplus created by a Democratic President. One president wasted the entire surplus. Democratic budgets would have eliminated all of our public debt, but we are more indebted than ever in history. The national debt is now over $ 10 trillion.
Every year, hundreds of billions of dollars in interest have to be paid on it. The Republican legacy is large structural deficits for years to come. This painful legacy complicates our efforts to confront crisis and terrorists. Getting back on a sustainable fiscal path will take sacrifices from every one of us. But we can call confidently for those sacrifices for two reasons.
First, because they will be truly shared, from Members of Congress to every working family. And second, because if we put off our hard choices, they will grow harder and harder by the year until they are absolutely crippling. Unchecked borrowing pays for unsustainable luxury today, but the bill comes tomorrow. Irresponsibility, public and private, erodes our standard of living and our national security. Deficits and debt tie up huge amounts of capital. Our hands are tied, we do not have the money to mitigate a financial emergency.
The Republicans see massive borrowing as normal and acceptable and have set a disastrous example. Are households as well as government to live beyond their means? The President declared a new era of responsibility that we must meet with our eyes open together. Americans need to take control of their own prosperity. Hard choices have to be made to restore balanced budgets. Developing a new business requires determination, courage, perseverance, and a willingness to learn, but anyone who can write New Years resolutions and balance a budget can draft a business plan.
Business plans may be as basic as an outline or as detailed as a feasibility study with testimonials and market analysis. A quality business plan may be an original thought, may benefit or contribute to the regional economy, or demonstrate quality writing or planning. An executable plan can be completed to meet the goals and objectives within it, and it leads the entrepreneur to new opportunities. Seventy-five percent of all jobs in this country and nearly 50 % of the total U. S. gross domestic product come from small businesses with less than 25 employees.
The National Governors Association (2007) released an initiative to promote Innovative Clusters and Regional Economies and to partner with the private sector and the public sector to maximize benefits. Thomas S. Lyons (2007), Ph. D. , University of Michigan, registered a model for fostering entrepreneurs regionally.
The challenge is to develop a supply of highly skilled entrepreneurs capable of transforming the regional economy. A way to do it is to meet the technical and financial assistance needs of the entrepreneurs. Entrepreneurial skills include technical skills, managerial skills, entrepreneurial skills, and personal maturity skills. Technical Skills are the ability to do the work, perform the business operations. Managerial Skills include the ability to organize and hire employees to attain business goals. Entrepreneurial Skills are the ability to identify opportunities and create solutions.
Personal maturity skills are accountability, ethical, emotional, and creative development. The goal is to develop a supply of highly skilled entrepreneurs capable of building successful companies in sufficient numbers to transform the regions economy. The cluster is mightier than the chip (Micklethwait, 1997)! The Silicon Valley controls almost one third of the venture capital in this country and 75 % of the new jobs.
The cluster is more important in new firm development than the product. Entrepreneurial businesses locate within an incubation network of tacit learning, complementary, coordinated relationships, economic interaction, and innovation to insure success. Directors and investors relocate to the cluster for the concentration of opportunities, specialized labor, and resources, co-evolving into a spatial configuration with lawyers, universities, and investment banks. A virtual enterprise network (VEN) in which members communicate, link, and coordinate through information communication technologies makes regions more competitive, but vendors subtract travel distance from profits and want increased returns on their time and money invested (Georgantzas, 2001).
A transportation network is necessary to give organizational proximity to its markets. Consumer confidence innovative increased responsibility, participation, and awareness of regional businesses, their contributions, dependencies, and interfaces with other businesses. Consumer confidence is developing new roles, skills, and tools for transforming the regional economy. Money deliberately spent in local businesses is a responsible investment in the regional entrepreneurial economy, which increases the prosperity of our citizens. Georgantzas, N. (2001).
Virtual enterprise networks: the fifth element of corporate governance. Human Systems Management 20 (3). Hoyer (2009). Press Release: Bush Leaves Budget Legacy of Deep Deficits and an Economic Crisis February 09, 2009 presented to Budget Committee Chairman John Spratt. Lyons, T. (2007). A model for fostering entrepreneurship regionally: The entrepreneurial league system Meda 2007 Fall conference Micklethwait, J. (1997).
The valley of money's delight. Economist 342 (8010) National Governors Association (2007). Seven states to increase economic capacity and entrepreneurship through clusters. Wash: D.
C. : National Governors Association Center
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Research essay sample on Promoting The Regional Economy Through Entrepreneurs
