Sentences to Ponder
| Peter Klein |
Although it does very well on the share of total jobs created by new firms, America scores highest of all in terms of the percentage of its lost jobs that are destroyed by enterprises’ going out of business. Perhaps, in the spirit of Joseph Schumpeter’s theory of creative destruction, it is the ability for firms to fail — and for the entrepreneurs involved to escape without stigma — that provides the overlooked but crucial part of the American entrepreneurial culture.
That’s from an Economist story on Global Entrepreneurship Week (did you know it started Monday?) that focuses on the Kauffman Foundation’s work on collecting and analyzing global data on startups, firm growth, innovation, bankruptcy, and the like. The story opens with one of the all-time great (and probably apocryphal) Bushisms: “the problem with the French is they don’t have a word for entrepreneur.” (Thanks to Chris Boessen for the pointer.)