Bear with me on this one, y’all. This article is a bit more dense than what I usually write, but there are some really important insights that I wanted to share with all my fellow entrepreneurs out there.
If you’re an entrepreneur in the United States, you’re in luck. According to the World Economic Forum’s 2018 Global Competitiveness Report, the U.S. is the best place to be when starting a company.
A score of 85.6 on a 100-point scale confirmed our country’s status as the world’s most competitive economy.
So you might be wondering why our country is ranked #1. Is it the people? The policies? Other factors?
A huge reason is the “business dynamism” in the U.S., a category where we earned a whopping 94.1/100 points. Part of that category measured the cost and speed of starting a business, but there are other factors.
Much of it has to do with the vibrant entrepreneurial culture itself. U.S. businesses are agile and able to adapt to change. Entrepreneurs who start companies are comfortable with taking risks, testing new ideas and thinking outside the box. Because of the attitude and flexibility of business leaders, American companies are generally more resilient to major industry changes.
Another part of business dynamism is the ability of management to delegate authority. Looking at the structure of businesses in the U.S., we can see that this is another strong suit.
Additionally, the United States as a whole is ranked 3rd for being “future-ready,” behind Singapore and Luxembourg. Our ability to embrace risk and disruptive business ideas is part of this. It also implies that our country as a whole, including the workforce, has advanced skillsets that can lead to economic transformation. This is anything from tech-savviness to vocational skills.
The capacity for innovation is one category that most countries struggle with. Innovation means risk, and that’s something some business leaders aren’t comfortable with. To the contrary, innovation is a strong point for the United States. Entrepreneurs here have a more positive attitude toward anything new and improved. In many U.S. companies, the employees are encouraged to be creative, experiment and challenge themselves on a daily basis. In some circles, it’s more expected than encouraged.
If you have a fantastic new idea, the worst thing that can happen is that it fails. But we’ve grown up with the attitude that if you fall off your bike, you get up and try again. I believe that without risk, there’s no reward. You just have to jump in and hope for the best.
Failure isn’t the end of the world. It’s a bump in the road that teaches you a lesson for next time.
In general, that’s a widely accepted way of thinking in the U.S. In other countries, failure is seen in a different light, which leads to less innovation.
Other factors that contribute to our country’s thriving innovative ecosystem are our labor market, financial system and massive market size.
We’re Not Perfect
I think our country is wonderful and it’s been a great place for all my various business ventures. However, the Global Competitiveness Report did open my eyes to a few issues that are hindering our business community. A few are:
- Our conducive institutional framework
- Relatively low checks and balances
- Judicial independence
Don’t let this get you down. Despite these weaker points, our country is still thriving in business.
Based on my own personal experience, I can say that this our country is the perfect petri dish for entrepreneurs to thrive. We’ve grown up to think independently, but we’re still social beings who work together and learn from each other. My Inner Circle is a great example of this.
Even people who come from nothing have the opportunity to pick themselves up by their bootstraps and do more with their lives. All it takes is a good idea, some business sense and perseverance. If you haven’t read my book, Don’t Look Me Up: The Scott Lumley Stories, I would highly recommend it. If I can get from where I was to where I am now, anyone can.
As you can tell, we live in a country that embraces the entrepreneurial spirit. It’s not an easy road, but it’s not impossible. The United States offers business opportunities that aren’t yet plausible in other parts of the world.
Why sit on the sidelines and let someone else do what you’ve always dreamed of? You’re in the best possible country to begin a business journey. Don’t let that privilege go to waste. Harness your inner entrepreneur, do your research and take the risk. Failure is the worst thing that can happen, and even that isn’t permanent.
Invest in yourself and your future.