My Thoughts Exactly

Education and its importance to the future entrepreneurial spirit of America

by Gregg Steinberg

The greatness of American economic society is built on a foundation of entrepreneurial spirit and success. This is the same spirit that caused the early discoverers and early founders of our great nation to chart a path, to take risk, innovate and ultimately create a global leader.

Fast forward to 2006 and the entrepreneurial spirit engendered by our forefathers is still alive and well. Today’s business adventurers are similar in that business innovation continues to steer across uncharted waters. They are required to take great risk, innovate new methodologies and create new markets. At the same time, they compete in an ever expanding global arena.

There is no question that the basis of economic strength for any industrialized nation comes from the ability for employment growth and product innovation to be generated by entrepreneurial activity. Entrepreneurial activity creates fledgling businesses which in turn move from their mom and pop beginnings to truly viable small and then medium size businesses. Ultimately a brilliant and persistent few become large business and industry leaders. Even Microsoft and Wal-Mart started as a single store.

As history has shown us repeatedly over time, the path from an impoverished third world country to global competitor is through education and governmental policies that foster an environment of business innovation. The early benefactor of this economic stimulus, other than nation states themselves, is typically the entrepreneur. This is the entrepreneur who in turn becomes a captain of their industry within their own borders.

One must ask "What are the changes in the mind set of the impoverished person on the street who may be the next potential captain of industry?" The answer is clearly founded in the ability of that person to know what they previously did not. In turn, this leads to the hope and desire to do better for themselves, their families, their communities and their country.

The root of knowledge comes from education and the ability to be literate in many areas, enabling the student to become aware of what is available and what can be accomplished in the larger world around them. The ability to innovate, dream, imagine and ultimately create reality is pure entrepreneurial activity at its core. The key then to raise the level of all society on a global basis is born in education. While this may sound like grandiose theory, we can drill down to a local level and apply the same principles.

In other words, raising the educational bar in the inner cities and impoverished areas of our country, while creating an environment that fosters entrepreneurial spirit, will cause a significant increase in the belief of the community’s residents that there is a better way. Not only will they believe there is a better way, but they also will have the wherewithal and ability to participate in the creation of business activity that provides a bridge from dream to reality. This, in turn, creates new economic activity and employment. It will provide increased wealth and the revival and re-gentrification of neighborhoods.

Comparing where we are today as the leader of the free world and our own current level of new entrepreneurial activity to that which is being taken by the potential entrepreneurial captains of industry in other countries, there is no doubt that we are woefully falling behind. It is imperative for us to maintain our position as the global leader of innovation by creating stimuli for increasing activity.

While our forefathers created greater wealth for the next generation through the strength of their backs and physical labor, we today must create wealth and opportunity for the next generations on the strength of our brains. As manufacturing and hard labor industries are shipped out of the U.S. to other country’s economically competitive environments, U.S. service industries and innovation centers must replace the economic and employment loss. The root of creating a path to renewed strength is through education. Those who know enough to think bigger can take on the challenge of creating the next new technology or industry.

As we look to the future, and with these thoughts in mind, there is no doubt that we hold in our hands the ability to remain the global leader in so many aspects of life. However, we also hold in our hands the ability to do nothing, be complacent and let the next generation deal with impending disaster. In my view, we all have the responsibility to leave this world better than we came into it. Indecision and non-action are unacceptable. We can all play a role in ensuring that uncharted waters become well mapped for those that follow us.