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At the smaller level these entrepreneurs connect communities to the global economy through creating new jobs, new incomes and wealth. Also, each one has its own purpose that varies differently from the rest. Some will flourish and add new jobs, expand and generate new sources of wealth in our communities and some won't make it out of the gate. To put entrepreneurship into laymen's terms one must say that it is the "process of uncovering and developing an opportunity to create value through innovation." The common thread that runs through the varying terms of entrepreneurship is innovation. This is said because innovation initiates a change by creating something new and unusual. It could be a new product or formation of a new firm, but innovation will always increase competition which in Economics we have learned is a very good thing. Competition brings about new technologies, products, and better service as firms compete to bring you the best bargain between their product and price. Many new products even improve the quality of our lives. Over the last decade we have seen more than 500,000 firms established each year that provided many Americans new job opportunities. Small firms created three fourths of these new jobs for Americans. These smaller local firms like to reinvest their wealth locally into their communities which is better than what branch plants tend to do when they send corporate wealth back into metro areas. These same small firms are the fastest growing segment of exporting firms. We know very well how important exporting is to our country and its economy. .
We can see the varying kinds of entrepreneurs there are. One type could be owner managers who assume all the risk, manage the business, reap the reward for success, and bear any consequence for what failure may come. It's all on their shoulders to make or break their firm and they take sole responsibility in anything that happens to their business.
