The number of self-employed Americans is at an all time low. It is not coincidence that this record was set at the same time that the number of Americans receiving Government entitlements is at an all time high. A cultural shift has occurred in this country. And it is resulting in more businesses closing than being opened.
You would not know this based on the financial media's reporting, which continues to spin the narrative that we are in some kind of entrepreneurial renaissance, largely based on the fact that a handful of start-ups are valued at ridiculously high valuations due to the VC bubble.
Most of those businesses are gimmicks. And their founders represent the 0.00001% of entrepreneurs who happened to luck out more than anything else. A little known fact is that 75% of all venture-backed firms (firms that raise at least $1 million) don’t even return investors’ capital (meaning the money is gone forever).
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You would not know this based on the financial media's reporting, which continues to spin the narrative that we are in some kind of entrepreneurial renaissance, largely based on the fact that a handful of start-ups are valued at ridiculously high valuations due to the VC bubble.
Most of those businesses are gimmicks. And their founders represent the 0.00001% of entrepreneurs who happened to luck out more than anything else. A little known fact is that 75% of all venture-backed firms (firms that raise at least $1 million) don’t even return investors’ capital (meaning the money is gone forever).
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3 comments:
Who wants to start a business under a communist government?
Can't have a one world government with small businesses around.
The world of individual entrepreneurship in the United States is gone forever. The days of an individual opening a business and making a living for his/her family for a lifetime are dwindling fast. To many corporations using economies of scale(a business concept from the 70's), to many leveraged buyouts of corporations(ditto), to few individuals willing to put in the 80-100 hours a week for 2-3 years to get a start up business off the ground and to many costly government regulations have put an end to the American dream. There are still a few hardy individuals that will make the necessary sacrifices to make their dream come true(This blog is a fine example of that) but they are a small percentage of the country. More people would rather take the government handouts then try to better their lives and why not it is the nature of man to take the easy way out. This country only cares about celebrity and fame not the hard work that it took for them to get there.
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