Entrepreneurship Graduation Paper “Entrepreneur is defined as a person who starts a business and is willing to risk losses to make money . » (Merriam-Webster.com) Long before the Great Recession, economists recognized the importance of entrepreneurship to the health of the American economy. (Strangler) “The United States derives four benefits from the risky but successful efforts of entrepreneurs. Entrepreneurs (1) use innovations to improve the quality of life, (2) create new jobs, (3) improve our position in global economic competition, and (4) create economic growth and new wealth to reinvest in the United States » (Foundation) Entrepreneurs are responsible for the research and development system. “Nearly 2/3% of all innovations are due to entrepreneurs. Without the boom in inventions, the world would have been a very barren place to live. Inventions provide an easier way to get things done through better, standardized technology. (Miller) Entrepreneurship is extremely important to the American economy. Without entrepreneurship, there would be no new businesses that could contribute to the growth and expansion of our economy. Entrepreneurship enables job creation, social growth and economic growth. According to the Small Business Administration, the following personal characteristics are essential to being a successful entrepreneur: • Comfortable with taking risks: If you are not comfortable with taking risks, you are not maybe not. ideal for starting your own business. Entrepreneurship involves many risks. (U.S. Small Business Administration) • Independent: “Entrepreneurs must make many decisions for themselves. » (U.S. Small Business Administration) If you feel comfortable with your own problem-solving skills and you...... middle of paper ...... need to get started? Will I need to get a loan? Who is my completion? What taxes do I have to pay? What type of insurance do I need? How will I manage my business? And how will I advertise my business? » (The US Small Business Administration) Since my business is an online store, it would be best to have my business in a "virtual" space. With a “virtual” space, I wouldn’t have to pay the additional costs associated with a physical store. I could reduce my costs while I start to grow.Works CitedFoundation, Ewing Marion Kauffman. http://papers.ssrn.com. September 4, 2008. Merriam-Webster.com. sdMiller, Margaret. http://goarticles.com/article/Importance-of-entrepreneurship/1036875/. sdStrangler, Danish. www.forbes.com. ndThe US Small Business Administration. ndworldwidebrands.com. sdwww.sunbiz.org. sd.