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“Three years ago John Dearie and Courtney Geduldig, whoboth worked for the Financial Services Forum, which representsAmerica’s biggest financial institutions, came up with aninspired idea. Why not ask entrepreneurs themselves what is goingwrong? Both big multinationals and established small firms havelots of representatives in Washington, DC. Entrepreneurs are toobusy inventing their companies to spend time lobbying. The pairorganized meetings and conducted lots of polls. Across a vast anddiverse country they heard the same message from everyone theyasked: entrepreneurship is in a parlous state. And everyone pointedto the same problems. The result is a new book, “Where theJobs Are”, which should be dropped onto the heads ofAmerica’s squabbling politicians.”
During the Great Recession of 2008-2009 and the difficult yearthat followed, nearly 9 million American jobs were eliminated. Thedamage to U.S. labor markets was the most extensive, in bothabsolute and percentage terms, since the Great Depression,destroying all employment growth over the prior decade. Just asalarmingand in stark contrast to the historical pattern ofdeep recessions being followed by sharp reboundsmore thanfour years into the recovery, economic growth remains stalled and24 million working-age Americans remain jobless, underemployed, orhave left the workforce discouraged.
Perhaps most worrying, Washington seems out of ideas. Havingdone what history teaches must be done, policymakers now seem at aloss for what to do next.
With the hope of generating new policy alternatives, co-authorsJohn Dearie and Courtney Geduldig launched an effort in April of2011 to understand the nature and scope of the damage to U.S. labormarkets and, if possible, identify new ways to enhance theeconomy's job-creating capacity. Shortly after they began theirinvestigation, they learned of research that demonstrates howvirtually all net new job creation in the United States over thepast 30 years has come from businesses less than a yearoldtrue "start-ups."
Stunned, they realized that Washington policymakers too oftenoverlook and neglect the economy's true engine of jobcreationnew businesses. Investigating further, they alsolearned that America's job creation machine is faltering, with therate of start-up formation declining precipitously in recentyears.
To find out why, they launched an ambitious summer roadtripconducting roundtables with entrepreneurs in 12 citiesacross the nation. More than 200 entrepreneurs participated inthese roundtables, explaining in specific terms the obstacles thatare undermining their efforts to launch new businesses, expandexisting young firms, and create jobs. Dearie and Geduldig cameaway from their summer journey struck most of all by the nation'sstunning entrepreneurial dynamism. Another majortakeawaywhich is enormously significant from the standpointof potential policy solutionsis that entrepreneurs fromAustin to Boston and from Seattle to Orlando face the same burdens,frustrations, and difficulties.
The summer on the road with American entrepreneurs made severalcritical realities vividly clear: First, young businesses areextremely fragile, and yet, those new businesses that survive tendto grow and create jobs at very rapid rates. Second, the policyneeds and priorities of new businesses are unique. Policiesintended to enhance the circumstances of large corporations or evenexisting small businesseshowever well intendedoftenmiss the needs of new businesses. Third, policy help for America'sjob creators is urgently needed. Given the critical role they playin our nation's economy, America's young businesses need acomprehensive and preferential policy framework designed tocultivate and nurture start-ups.
Fortunately, Dearie and Geduldig now know what needs to be done.Meeting and listening to America's entrepreneurs revealed withunprecedented clarity and precision the major obstacles underminingtheir ability to launch new businesses, grow those businesses, andcreate new American jobs. In Where the Jobs Are, theypresent 30 specific policy proposals based on what the nation's jobcreators told them they need. The resulting policy agenda amountsto an altogether new, uniquely credible, and vitally important gameplan for unleashing the job creating capacity of America's powerfulentrepreneurial economy and putting a beleaguered nation back towork.
This is a superficial collation of interviews of enterprise owners about job needs. It lacks any serious data about enterprise employment capability and scale. Read morePublished 6 months ago by milton kotler
This writer found an opinion piece in the December 30. 2013 Edition of the Wall Street Journal by Dearie and Geduldig disturbing. Read morePublished 13 months ago by Audrey Ihrig
This is a very important perspective for anyone that really cares about job creation. All too often, policy discussions occur without the benefit of the real entrepreneurial job... Read morePublished 14 months ago by J. Thomas Ranken
As a small business owner, one of the most frustrating things is listening to people who THINK they understand what is going on in my "world," and realizing they generally have no... Read morePublished 15 months ago by Sharon DeLay