American Free Enterprise - Some Thoughts
Ray San Fratello
Posted: 10.15.2009 / 7:21 AM PDT
Our Chamber of Commerce mission is to, “Create and maintain an environment where business and community will prosper.” While that is a fairly generic statement that can be applied to most other Chambers the implication is that economic development is a big portion of a Chamber’s reason to be.
Sometimes we forget about the power of Economic Development to help create great communities. We don’t think too much about the American Free Enterprise System and “entrepreneurial spirit.” Coupled along with the checks and balances of our democratic form of government in this republic of ours (as compared to say, a monarchy or theocracy), it has created the greatest and most productive and powerful nation on Earth. Frankly, we sometimes take this unique American experiment for granted or become too focused on the negative aspects of capitalism in a free market economy.
If you look in the dictionary at the definitions of free enterprise, entrepreneur, and spirit – the three essential components that make up the engine that drives our economy - you get reacquainted with the beauty and power of the concepts.
Free enterprise is defined as the freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and to keep the economy in balance.
An entrepreneur is one who organizes, manages and assumes the risks of a business or enterprise.
Finally, “spirit” (in our context) is defined as a lively or brisk quality in a person or person’s actions; a vigorous or animated temper or disposition.
As an aside, which definition do you think was the longest in the dictionary? By far the word spirit had the most meanings and was three times longer than the others combined. Tells you something about our culture for sure!
What I take away from these definitions are three things: one, that we need to constantly strive to strike a better working balance between the freedom private businesses have to turn concepts, ideas, and dreams into competitive and profitable enterprises while ensuring at multiple government levels and through interaction and coordination, that the greater public good is broadly defined, agreed upon and then promoted.
Secondly, that entrepreneurism needs to be encouraged and supported by organizations like Chambers of Commerce, schools at all levels, other not for profits and public entities, and of course governments, because it is that risk of time and money, that “taking a chance” in life by smart and courageous people, that energizes our economy in the first place.
And thirdly, and maybe most importantly of all, we need to continue to embrace and nurture that special spirit in people that animates their intentions to succeed, be productive, and be good corporate citizens. Without them and the spirit of free enterprise there is nothing; no jobs, no wealth creation, no government revenues – no hope for a better future. Then what becomes of this great Republic of ours, these United States of America?
