There’s no queston about it–times are tough. Between the subprime lending catastrophe and the ripples it has sent through all levels of the economic system, to the current credit freeze-up, to the uptick in energy prices–this is an extremely challenging time.
However, to hear some of the international news commentary on the current economic crisis, one would almost think that America’s time was already over. I can envision people all over the world, tenting their fingertips together while uttering “Excellent,” in a Montgomery-Burns-esque style. Some of the people who are enjoying the schadenfreude are like Iran’s Presideident Ahmadinejad, who recently got significant coverage for talking about how America’s “empire” is “reaching its end.”
I can empathize with people who want to see America put in its place. Along with our exports of media, culture, financial systems and technology, we’ve also excelled at exporting a lot of arrogance, often propped up by our military might.
I wish Americans would travel more–or at least learn about other cultures more. I’ve learned more from visiting the islands around Papua New Guinea, traveling around Australia and New Zealand, or seeing first-hand how business was down throughout Europe than any book or website could ever show me. In all the places I’ve visited (and there’s a ton I haven’t!) people have always been interested in America and the spirit of entrepreneurship that pervades our culture… But I think their receptivity has always been because I’ve always been more interested in them than they are of me.
The 21st Century will see far more cultural and economic integration than any time in the past. To my fellow Americans, I’d like to suggest that you try to learn more about our global neighbors, because they are both our vendors and customers in the future.
But I digress; I opened with a comment about how the current economic climitate was not a sign of the end-times for America. America has been challenged by far worse episodes. If the Civil War or the Depression couldn’t put an end to American innovation, then this won’t. America has always excelled at taking on challenges and making political, economic and cultural changes to adjust to the times.
To paraphrase another great American–Mark Twain–the death of the United States economy is already being greatly exaggerated. Here’s a few observations about the America that I find particularly encouraging as an entrepreneur:
- America has the best research and academic envirnoment in the world (according to New Scientist on Septeber 13, 2008, 40% of R&D expenditure in the world is spent in the United States, 70% of Nobel prize-winners are from the United States, 75% of the world’s top universities are in the United States)
- Greater access and availability of capital at all stages of a company’s life-cycle (former entrepeneurs-turned-Angel-investors, venture capital, private equity, public markets)
- Few legal and government impediments to creating a new business
- The spirit of free-enterprise which is probably the single greatest attribute of American culture
Put all of the above together, and you’ll see why a company like Google is started in the United States.
I’m a believer that American entrepreneurship will see us through any of our challenges. For those of you in the US who are looking to start or join an entrepreneurial venture, I suggest you look to the world and learn more about the global market, because that’s where our customers will be in the future. And to the economic pundits world-over: don’t get so wrapped up in the events of today that you blindly ignore the lessons of entrepreneurship that can be applied across the world to make the Earth a better place for everyone.
on 
on 
