American Dream is Entrepreneurship

Entrepreneurship is an important factor in the American economy, and its impact has been pivotal in establishing the United States as the leading world power. I’d argue that entrepreneurship is what fueled the American economic engine since the arrival of the first European settlers more than any other influence. This article explores the relationship between entrepreneurship and the American dream, examining the role entrepreneurship plays in driving the American economy forward.

American Dream:

The American Dream is owning a home, or is it? The popular American Dream that we are all familiar with came about in the 20th century, emphasizing homeownership as a symbol of success and stability in American society. The ideal dream home, a white house with a picket fence, represented a safe haven for families to build memories and escape the stresses of everyday life. This vision of the American Dream was displayed through various forms of media, such as movies and advertisements, and became common in American culture. 

The desire to own a home represented a stable investment and a place where families could build memories and raise their children.  Even though the cost of homeownership has increased over time, the desire remains strong. This popular version of the American Dream is actually only possible from what is the ‘true’ American Dream, which is entrepreneurship.

Entrepreneurship and the American Dream:

The American Dream is (actually)…. Entrepreneurship. Entrepreneurs are the driving force behind many of the United States’ achievements. Entrepreneurs’ vision and determination create new industries, products, and services that transform lives. 

For many, starting a successful business is the key to financial stability, independence, and societal impact, making it a fundamental part of the American dream. The ability to follow your passion and make it successful is the essence of being an American. 

Legends like Steve Jobs, Bill Gates, and Mark Zuckerberg all started from nothing. Some created their business in their garages because they believed in their ideas. Today, entrepreneurs continue to contribute significantly, providing hope for those who strive to achieve their own dreams.

Without entrepreneurship there would be no homeownership. People are either an entrepreneur or they benefit from an entrepreneur like working for a company they started. Private companies are all established by entrepreneurs. Even if people earn or receive their wages from a government entity, it was the entrepreneur that created the avenue for taxes to be collected to build up the pot to pay the recipients. Even global, public, Fortune 500’s were all started by entrepreneurs.

The Relationship between Capitalism and Entrepreneurship:

Capitalism and entrepreneurship have a close and helpful relationship. Capitalism is an economic system where people can own private businesses and compete to make profits. This system provides the things entrepreneurs need to create and expand their businesses, like incentives, resources, and markets.

Capitalism allows entrepreneurs to try out new ideas, take risks, and make new things that can help the economy grow and make people’s lives better. Entrepreneurship helps the capitalist system grow by creating new jobs, making new things, and bringing new technology that helps people.

The tech industry is a good example of how capitalism and entrepreneurship work together. Tech companies like Apple, Microsoft, Google, and Facebook have used technology and business ideas to change old industries and make new ones. They did this by being both entrepreneurs and capitalists, which means they made new things while also making profits. This has changed our lives forever.

Entrepreneurship and Free Enterprise:

Entrepreneurship and free enterprise are two important ideas that are essential to how the American economy works. Free enterprise is a system where people can own and run their own businesses without the government getting too involved. And entrepreneurship is when someone sees a need in the market and takes a risk by creating a new business or product to meet that need.

In a free enterprise system, entrepreneurship is vitally important because it helps the economy grow and leads to new and better products and services for consumers.

However, there are some downsides to entrepreneurship and free enterprise too. One downside is that it can sometimes lead to inequality, where some people or businesses are more successful than others. And sometimes, free enterprise can also lead to situations where a few really big companies have too much power and can limit competition and consumer choice. But there are always opportunistic people with bad intentions. However, we shouldn’t frown upon these economic systems just because of a few bad apples. Over regulation is one way the government tries to fix the ‘bad apples’, but for every regulation initiated free enterprise becomes less ‘free’. The beauty with capitalism is that eventually the ‘bad apples’ will be weaned out over time as the market will self correct.

The Bottom Line

Entrepreneurship has played a major role in making the American Dream a reality. Companies like Apple, Amazon, and Google owe their success to entrepreneurship, which is made possible by the free enterprise system and capitalism. Even though entrepreneurship has its pros and cons, it’s still the sole driver of the US economy, and it’s the original American Dream.