Different Entrepreneurial Ventures for Greater Societal Value

Abstract

Although the importance of entrepreneurship is evident and interest continues to grow, high-growth ventures tend to be featured because they produce a significant amount of job and wealth creation in the United States. Some have argued that the focus of public policy should be on these ventures, while others argue for a more diverse approach to effective public policy and entrepreneurship. This article offers a “portfolio approach” to public policy that focuses on the types of entrepreneurial ventures that demonstrate the epitome of competition and provide the greatest societal value. The types of ventures may be classified in terms of size (microenterprise, small/lifestyle, medium size, and gazelle) and growth rate (low, managed, or fast growth). Each type has different needs and makes unique contributions to the economic vitality and value of society.