Entrepreneurship is the key to a new era of growth and opportunity

In the US, the renowned Kauffman Foundation and the Public Forum Institute have together just published their latest report “Entrepreneurship: the key to a new era of American growth and opportunity”. It comes at a time when the US is reflecting on its socio and political future as part of the election campaigning that is reaching fever pitch. Interestingly, entrepreneurship is taking a central place in the discussion. The report acknowledges that entrepreneurs are known to be the primary source of net new job creation. Their innovations challenge existing firms to improve and contribute to economic dynamism, which results in a faster growing economy that provides greater opportunities for upward mobility. The entrepreneurial creation of new products, systems, and processes breeds new efficiencies. New businesses are also especially important when it comes to the job prospects of young workers. Young companies employ younger workers more than older firms and these workers enjoy higher incomes. On top of all of this, experienced entrepreneurs often act as mentors to aspiring business owners, generating more of the new ideas our economy needs to grow. Simply put, entrepreneurship is an engine of economic growth that creates opportunities for economic independence and can no longer afford for entrepreneurship to be treated as a policy afterthought by politicians. Africa can learn these lessons too.