Entrepreneurship and Small Business - Embassy of the United States

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ECONOMIC PERSPECTIVES Editor.........Jonathan Schaffer Managing Editor.................Bruce Odessey Contributing Editors .........Gretchen Christison ...........Michael Jay Friedman .........Kathleen E. Hug ...........Linda Johnson ...........Kathryn A. McConnell ...........Andrzej Zwaniecki Illustrations Editor.................Maggie J. Sliker Cover Design.................Min-Chih Yao Publisher..................Judith S. Siegel Executive Editor......................Richard W. Huckaby Production Manager.................Christian S. Larson Assistant Production Manager.........................Sylvia Scott Editorial Board.................Alexander C. Feldman .................Jeremy F. Curtin .................Kathleen R. Davis Cover: An informal business meeting. Photo © 2006 JUPITERIMAGES, and its licensors. All rights reserved. The Bureau of International Information Programs of the U.S. Department of State publishes five electronic journals under the eJournal USA logo—Economic Perspectives, Global Issues, Issues of Democracy, Society & Values, and Foreign Policy Agenda—that examine major issues facing the United States and the international community as well as U.S. society, values, thought, and institutions. One new journal is published monthly in English and is followed two to four weeks later by versions in French, Portuguese, Russian, and Spanish. Selected editions also appear in Arabic and Chinese. Each of the journals is catalogued by volume (the number of years in publication) and by number (the number of issues that appear during the year). The opinions expressed in the journals do not necessarily reflect the views or policies of the U.S. government. The U.S. Department of State assumes no responsibility for the content and continued accessibility of Internet sites to which the journals link; such responsibility resides solely with the publishers of those sites. Journal articles, photographs, and illustrations may be reproduced and translated outside the United States unless they carry explicit copyright restrictions, in which case permission must be sought from the copyright holders noted in the journal. The Bureau of International Information Programs maintains current and back issues in several electronic formats, as well as a list of upcoming journals, at http://usinfo.state.gov/journals/journals.htm. Comments are welcome at your local U.S. Embassy or at the editorial offices: Editor, eJournal USA: Economic Perspectives IIP/T/ES U.S. Department of State 301 4th St. S.W. Washington, D.C. 20547 United States of America E-mail: ejecon@state.gov Economic Perspectives / January 2006 eJOURNALe USA
ECONOMIC PERSPECTIVES U.S. DEPARTMENT OF STATE / JANUARY 2006 / VOLUME 11 / NUMBER 1 http://usinfo.state.gov/journals/journals.htm CONTENTS ENTREPRENEURSHIP AND SMALL BUSINESS 2 3 6 10 Introduction HECTOR V. BARRETO, ADMINISTRATOR, U.S. SMALL BUSINESS ADMINISTRATION How Small Businesses Contribute to U.S. Economic Expansion DEREK LEEBAERT, ADJUNCT PROFESSOR OF GOVERNMENT, GEORGETOWN UNIVERSITY Small businesses contribute significantly to the U.S. economy in innovation, in adaptability, and in job creation for women and minorities, as well as in distressed areas. Small Business in U.S. History CHRISTOPHER CONTE, FREELANCE WRITER AND FORMER EDITOR AND REPORTER FOR THE WALL STREET JOURNAL Small businesses built the United States in the country’s first century; even today Americans hold high regard for small businesses, whose flexibility has provided lessons for big business. Government’s Role in Encouraging Small Business STEVE STRAUSS, LAWYER, AUTHOR, TELEVISION COMMENTATOR, AND USA TODAY BUSINESS COLUMNIST To encourage small business expansion, governments should make capital more accessible, facilitate business education, promote entrepreneurship, reduce regulatory burdens, and protect intellectual property. 13 16 20 25 American Bankruptcy Laws: Encouraging Risk-Taking and Entrepreneurship NATHALIE MARTIN, DICKASON PROFESSOR OF LAW, UNIVERSITY OF NEW MEXICO Unlike laws in most other countries, U.S. laws aim to eliminate shame from bankruptcy and encourage those who fail in business to make another try. So You Want to Start Your Own Small Business PHIL HOLLAND, FOUNDER OF YUM YUM DONUT SHOPS INC. AND CHAIRMAN OF MY OWN BUSINESS INC. Starting a small business requires, first, self-examination, then crucial decisions about what good or service to sell, how to get financing, whether to have a partner, and how to write a business plan. Small Businesses at Work MICHAEL JAY FRIEDMAN AND BRUCE ODESSEY, STATE DEPARTMENT STAFF WRITERS Flickerwood Wine Cellars: A Family Business TLC Adcentives: A Woman’s Recipe for Success Timberline Tractor & Marine: Providing Services to the World LYNKA: Operating a Small Business Overseas Radio One: A Small Business That Grew Large Bibliography 26 Internet Resources eJOURNAL USA Economic Perspectives / January 2006
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