Entrepreneurship Business And Its Expenses - 1727 Words

Entrepreneurship in America When looking at the importance of entrepreneurs in the United States it is important to discuss the history of entrepreneurs in this country, the obstacles that come along with starting up a business, and where one might acquire the capital or money to finance the upcoming business and its expenses. History of Entrepreneurship The word â€Å"entrepreneur† is a word borrowed from the French in the mid-19th century that literally means â€Å"undertaker.† Entrepreneurship is much older as it dates back to ancient times. For America, the nation was founded by entrepreneurs. While many colonies were founded by the English state, many were also founded by profit-seeking corporations. One example would include New York which†¦show more content†¦The first patent was presented to entrepreneur Joseph Jenks in 1646 and this began the â€Å"Yankee ingenuity era.† A patent is exclusive rights to an invention that constitutes as a solution to a specific technological problem and is a product or process. The patent was for a device that improved the manufacturing of edged tools that helped with other production. The â€Å"Yankee ingenuity era† refers that this patent led to many other important patents including the cotton gin, flour mills, the high-pressured steam engine and many mo re. Even though only 2 to 3 percent of all products patented make it to market, it is still an important tool for entrepreneurs to protect their rights to their product and idea. Entrepreneurs were doing so well in America that in 1776 when the 13 colonies declared independence. The US was the richest place on earth per capita. No wonder the British fought so hard to keep the colonies. In 1811 incorporating came into law for the United States as New York passed a general incorporation law which made the process of growing ones business much simpler and faster and this created a boom in the number of entrepreneurs and corporations. Before this law there were only a total of seven companies that had been through the incorporation process, but between 1800 and 1860, more than 2,000 companies were incorporated in Pennsylvania alone. Unfortunately the Virginia Company was not one of these successful