Despite difficult challenges, entrepreneurs are “the engines of growth” that are transforming the American economy. According to the Small Business Administration, entrepreneurs start more than 600,000 businesses in our great every year.

How important are small businesses to the U.S. economy?

Let me share with you some of the newest information (September, 2009) authored by the U.S. Small Business Administration’s Office of Loyality. Small businesses.

Represent 99.7% of all employer enterprises.

Employ more than half of all private sector employees.

Pay 44% of total U.S. private payroll.

Generate 64% (net) newest jobs in the past many years.

Create over what 50% of the nonfarm private gross domestic product (GDP).

Hire 40% of high tech workers, pertaining to instance scientists, engineers, and developers.

Are 52% home-based and 2 percent businesses.

Produce 13 times more patents per employee than large patenting firms.

Since small businesses have such an important effects on the business cycle, what drives entrepreneurs to create something, out of nothing? For that matter, what’s an entrepreneur, and are plenty of him or her break? Consider Sam Walton, just one of the greatest entrepreneur’s of the twentieth century who once said, “I have always been driven to buck the system, to innovate, and to consider things beyond a place where they were.”

What is an entrepreneur?

The French word, entrepreneur, means an enterpriser. An enterpriser is person who undertakes a company or business, with chance of profit or difficulties. An entrepreneur is a man or woman who uses venture capital to start and finance a new enterprise, and who assumes the financial risks associated with owning, operating, and operating enterprise.

Entrepreneurs come in many varieties and tend to develop innovations and create jobs. As being a result, based upon the SBA, they are necessary to a well balanced and john spencer ellis family robust American financial system. While many consider entrepreneurs to be visionaries, dreamers, and charismatic leaders, just about all entrepreneurs share these character.

Most entrepreneurs are those who march constantly in their own drums, and who’ve the drive, determination, and perseverance to bring ideas and opportunities to life. Entrepreneurs usually have a clear, communicable vision, an enthusiasm for their areas of interest, the motivation acquire their vision to market, and the perseverance to remain in spite of obstacles and cons.

The entrepreneurs are, your doubt, horses of a different breed. Entrepreneurs are mavericks with vision and determination to produce a company that takes the vision to current market place.

Entrepreneurs, as a group, to help architect and control extremely destinies. These people inspired to produce their own home office ventures and are driven to discover and exploit high-potential, business opportunities. They are typically obsessed with all aspects of chosen area of expertise. Entrepreneurs a good itch to create a new life, be their own boss, follow their own path, and shed the constraints of the 9-to-5 work world.

Entrepreneurs masteral ideas-ideas tend to be often generated by a flash of inspiration knowning that are frequently overlooked by others. Entrepreneurs are capable to change directions quickly as conditions advance. They can navigate transitions, tolerate uncertainty, and can balance continuity with turn. Most importantly, they are tenacious! To follow projects through to completion and never give up easily, for the duration of the toughest of time intervals.