Carl Schramm: The Positive Impact of Entrepreneurship in the American Economy

As we were bicycling today Dorothy and I listened for the second time to Carl Schramm’s lecture at the Stanford STVP seminar 2007-08-06. This is one of the very best of the superior Stanford series. For motivation, here are paraphrased samples of some key points:

1. The probability is that 70% of US college students today will start a business before they retire.

2. Government statistics suggest that those of you who graduate from Stanford at the age of 22 will hold 4 jobs before the age of 30.

3. Over the half the US jobs created in 2007 are in firms less than 5 years old.

My view is this is the American economy operating at a completely different speed than other countries — because of the change from industrial to entrepreneurial capitalism.

Do you know how valuable you’ll be to your employer at age 30 — having worked in different industries with different responsibilities? For one thing, there is a good chance that you yourself will have been on of your employers!

Schramm is President of the Kauffman Foundation and author of the soon to be released May 2008 Good capitalism, bad capitalism. And of the 2006 book The Entrepreneurial Imperative.

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