Economic conditions

Since the establishment of the free enterprise system, Americans have lived in an ideal climate for entrepreneurship. Walton Padelford, Professor of Economics at Union University, says, "Even today, a country such as the U.S. encourages people to take risks. Our government places a premium on new ideas, and there are economic incentives to create things you can sell."

When compared to nations such as the former Soviet Union, which places no value on the creation of new ideas, the United States is a fertile breeding ground for small business owners and marketplace pioneers, Padelford explains. Henry Ford, John D. Rockefeller and even today's Bill Gates have all taken advantage of and thrived on these conditions.

"The U.S. has had the longest period of continuous Gross Domestic Product growth in its history without a recession. This has given us our lowest level of unemployment, the lowest inflation rate in my lifetime and our lowest interest rates," Sam Myatt, Professor of Business Administration at Union, says. "These kinds of conditions make more and more people want to participate in the prosperity."

LAUNCH (a bachelor's degree program at Union for non-traditional, adult students) has some students who have struck out on their own already. Myatt cites the Internet as a tool used by his students to sell to their customers without the traditional overhead costs.

Spotting opportunity Brad Greer (‘91), owner of Premier Promotions, pays the usual overhead costs for his Jackson-based business but says his ability to recognize opportunity and seize it has made him the success he is today. "Countless people see opportunities, stare them in the face, and don't realize what they are. The successful business person can't afford to do that," Greer says. Sometimes potential entrepreneurs recognize an opportunity but shy away from it for fear of failure. Greer attests, "People's fear of failure will stop them from succeeding." While Greer is always on the watch for opportunities to strengthen his business, he also likes to think of himself as a community servant. An active member of his neighborhood organization (the Lambuth Area Neighborhood Association), Greer has also served as campaign manager for General Sessions Judge Roy Morgan in 1990 and General Sessions contender Don Allen in 1998.

New possibilities

Most recently, the Internet and the World Wide Web have created an entirely new operating medium for people considering self-employment. In fact, this medium has proven critical for some of the world's newest successful ventures, including the online bookstore amazon.com and online auction forum E-Bay. Going online has proven profitable and popular, especially among the emerging generation of buyers. "Most of your Internet customers are under the age of 35," says Brent Cunningham, Associate Professor of Marketing at Union. "They're more comfortable with the PC and with the Internet in general."

The technology boom has proven to be an umbrella for hundreds of spin-off services, such as network support, web browsers, virtual discount warehouses and filtering software. "With the enormous expansion in the technology market, people are discovering new ways to sell to people and new things to sell," Myatt says. "Some people see global expansion as a threat. The entrepreneur sees it as an opportunity to sell to more people."

Techno-wizards like Bill Gates, CEO of Microsoft, and Gordon Moore, founder of Intel Corp., are strong examples of independent-minded people who saw an emerging niche and seized it. Gates currently sits atop Forbes list of richest people in the world, a spot he has held for several years.

Cunningham also cites the communications and research fields as large growth industries for the 1990s. "When labor became cheaper overseas, our historically production-oriented society transformed into a more service-oriented market. Two of the most popular services people are looking for today are communications/marketing and research," Cunningham says.

Padelford believes our technological advances will lead to expansion in the "convenience" market. "There are plenty of ideas out there about how to make things more convenient for busy people. For example, in Europe, retail business are beginning to sell money cards that people can use instead of cash," Padelford says. "Unlike the one-store, 'gift' cards popping up in the states, these cards are substitutes for cash no matter where you shop."

Myatt sees all of these expanding markets as prime real estate for aspiring entrepreneurs. "Some people think we've gone as far as we're going to go, that there are no more new ideas out there. I don't think so," Myatt says. "We're not running out of ideas; we're finding new ways to come up with them."

Stay flexible

"Thinking in a limited fashion will get you nowhere," Greer agrees. Whether it's considering geographic expansion or expanding his client base, Greer places a high value on the ability to stay flexible. Greer recognizes that the temptation to stick to a particular region is strong, especially once you've established a reliable reputation. Yet, he argues, the possibilities of expansion are too promising to limit yourself. He's already begun marketing Premier Promotions on the Internet and hopes to establish a national client base soon.

Entrepreneurial Spirit

Myatt sees entrepreneurs as more than salesmen trying to make a buck. People with the "entrepreneurial spirit" see their business as their calling in life, he says. "In entrepreneurship, you can't disassociate the person from the business," Myatt explains. "The level of risk is so high, that they almost always have to immerse themselves in their business just to get it off the ground."

After owning Premier Promotions for five years and starting three other business ventures, Greer agrees. "Having your own business is like having your own child. You have to pour yourself into it to make it work." Greer admits that for some the pressure could be debilitating. But for those who can handle it, the responsibility and burden is worth it.

While current market forces show the turn of the century to be one of the most promising times for entrepreneurship, most business experts agree that the risk will always be high. "It's a sink or swim situation," Padelford says. "But it's also a vital one because it plays a critical role in bringing about invention and marketing new ideas."