WHY IS ENTREPRENEURSHIP IMPORTANT?
Should the United Nations Recognize the Efforts of Entrepreneurs in Alleviating Poverty and Creating Wealth by Establishing
The International Day of the Entrepreneur?
WHY IS ENTREPRENEURSHIP IMPORTANT?
Should the United Nations Recognize the Efforts of Entrepreneurs in Alleviating Poverty and Creating Wealth by Establishing
The International Day of the Entrepreneur?
INTRODUCTION
How did China and India become the great success stories of the the last quarter century? Hundreds of millions of people in both countries now enjoy a lifestyle unimaginable just one generation ago. Was it because of wise government plans, a great leap forward engineered by central planners or a new set of five year plans issued by state edict? None of the above.
It was the unleashing of their entrepreneur class along with freer financial markets, better education systems and access to international trade that largely powered this economic miracle.
| UN International Day of the Entrepreneur |
| Resolution of the General Assembly required to establish the International Day of the Entrepreneur and the Hall of Entrepreneurship. |
| Each year, six entrepreneurs are to be inducted into the UN Hall of Entrepreneurship for their work in alleviating poverty and creating employment and value for their stakeholders including: their shareholders, their employees, their suppliers, their customers and clients, their local communities and their nations as well as the international community. The judging panel must be international in scope with judges from Asia, Africa, Europe and North and South America. |
| Two of the Inductees must come from businesses that employ less than ten persons; one must come from the not-for-profit/NGO sector. |
| HOW TO GET INVOLVED: Sign our Petition which will be sent to the Secretary General of the United Nations! |
Thousands of people in China and India independently pursuing their own objectives (directed only by Adam Smith's Invisible Hand) alleviated poverty and created wealth. Governments in those countries deserve credit for setting some of the pre-conditions for economic take-off and for not getting in the way of progress. It is an example for other developing nations to follow.
PHILOSOPHY
In each of our communities, imagine what life would be like without the entrepreneur class. Entrepreneurs take significant risks to create new enterprises and just a small number of entrepreneurs can make a significant impact on their local community. In Ottawa, Canada, for example, less than a handful of entrepreneurs such as Terry Matthews, Mike Cowpland and Mike Potter created thousands of jobs directly and indirectly by creating enterprises like Mitel, Cognos and Newbrdige (now owned by Alcatel). Local communities need to leverage the efforts of their entrepreneur class to create lasting economic benefits.
While it is true that the entrepreneur is largely following his or her own self interest, there is a moral underpinning for this: one's first obligation to society is to take care of yourself and your family so as not to become a burden on society. Once that is achieved, humans who are uniquely interdependent, have a further obligation to take of their fellow human.
WHEN TO CELEBRATE
Every May 1st, many nations celebrate and recognize the contribution of the worker in their societies. This is based on a strike organized by labour unions in Chicago on May 1st, 1886 to press for an eight hour work day.
Now it is time to also recognize the contributions of entrepreneurs to society but which day of the year would make most sense?
The oldest company in North America and one of the oldest anywhere is the Hudson's Bay Company, which interestingly was incorporated on May 2nd, 1670. A Royal Charter from King Charles II granted the company a monopoly over the fur trade in the region where all rivers and streams flow into Hudson's Bay, an area of 3.9 million km² (Ref: Wikipedia). Perhaps in regcognition of this event, May 2nd would be an appropriate day to recognize entrepreneurs and entrepreneurship.
FOR MORE INFORMATION:
Dr. Bruce M. Firestone, Entrepreneur-In-Residence, School of Management, University of Ottawa, Adjunct Research Professor, School of Architecture, Carleton University, Founder, Ottawa Senatros. (613) 270-9629 or bmfirestone@exploriem.org.
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Post-Script: The Power of Entrepreneurship |
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I read an interesting article in the Globe and Mail (by Luke Harding of the Guardian News Service, February 10, 2003) about micro entreprenurship in Kalmandhai, India. There, slum dwellers erected latrines—one for men and one for women and a third for children only. Charging just one cent per use, they built a profitable business using only $900 USD in start-up capital advanced to them by UK based WaterAid.
So they achieved a (possible) 64% p.a. rate of return on this investment, which is impressive. Just as importantly, there are significant health benefits that accrue to these people from proper disposal of human wastes. Plus they generated additional activity including: |
Development Economics and Entrepreneurship
Ottawa Vision 2002- Focus on Self Reliance
The Bootstrap Entrepreneur
What is the Purpose of a National Economy
UOttawa SOM Wesley Nicol Business Plan Competition
UOttawa SOM Business Model Competition