UNLEASHING THE POWER OF ENTREPRENEURSHIP

The power of technology and entrepreneurship can help advance people, the planet and our global collective prosperity. Addressing some of the biggest challenges we face like climate change, social inequity and pay inequality, will require our best entrepreneurial efforts.

Car ownership fueled Americans’ spirit of independence and made the American dream possible. New roads were built. Suburban life was born. Gas stations popped up. Family vacations with stops at the new motels and drive-through restaurants became popular. Related industries such as steel, petroleum, and rubber flourished. Millions of jobs were created.

Latinos have a natural penchant for pursuing entrepreneurial endeavors. Our capability to seek advancement, think creatively, and embrace technology, is fueling growth in the American economy and helping to prepare the next generation for the future of work. The latest data show Latinos leading America’s entrepreneurial pack in growth.

Over the last decade alone, Hispanics represented the largest and fastest growth in America’s small business ecosystem. According to Stanford’s 2020 Entrepreneur Report, Latino businesses have grown by 34% compared to 1% for all business owners, contributed more than 3 million jobs a year and over $500 billion in annual sales, and delivered the highest revenue growth increase rate of any industry or demographic, at 14% - outpacing the U.S. economy - the report found. The future of our country and success of our economy is inextricably linked to Hispanics.

My love for entrepreneurship and engaging young people in the field attracted me to an organization called Junior Achievement. JA is dedicated to teaching kids all over the world financial literacy and entrepreneurship. Kids from more than 100 countries learn how to establish their own companies, develop a product, plan and budget, and participate in a pitch to a group of judges. Students “set up” thriving companies across a diverse set of economic variables for a chance to win prizing and notoriety to support their business education and ventures.

With every company, every competition and every pitch, I have more and more hope that the world’s biggest challenges will be solved by this next generation of entrepreneurs. While there will be more prominent use of artificial intelligence, robots and machine learning, according to the third edition of the World Economic Forum's Future of Jobs Report the key to the future lies in skills related to critical and creative thinking, problem-solving and a strong capability to use and develop technology - these are core entrepreneurial skills. Those who are already creating or running their own business have a leg up on the future.

By teaching young kids about entrepreneurship, supporting entrepreneurs and embracing technology, we can unleash creativity and innovation to solve some of the world’s most pressing problems and secure a better future for people, the planet and our global prosperity.

The future rests in unleashing the power of entrepreneurship.

Ralph

Ralph de la Vega is the former vice-chairman of AT&T Inc. He is the author of the best-selling book “Obstacles Welcome: Turn Adversity to Advantage in Business and Life.” He is also a LinkedIn Influencer, posting regularly on leadership and innovation.