While the West Virginia Department
NV
of Commerce is aggressively
targeting
UT
development in this arena, it is up to all
CA
of us to push to make our state attrac-
tive to these industries by ensuring our
men and women are ready for these jobs,
our infrastructure is sound and our policy
AZ
environment is structured appropriately.
Small Business Employment Share, 2014
IA
NE
Small Business Employment Share, PA 2014
OH
WA
CO
ID
MD
DC
IN
IL
MT
OR
KS
MN
MO
MI
VA
KY
WI
VT
NY
MI
MA
WY
IA
NV
UT
AK
AK
While we have a strong
need for indus-
trial diversification in our state, there is
no doubt that diversifying an economic HI
system is much easier said than done.
In reality, the only way to achieve the
right industrial mix for our economic
circumstances is through entrepreneur-
ship. We certainly do not want a cen-
trally planned economic system where
government officials choose winning
industries. Rather, we want a system
where entrepreneurs experiment and
discover which industries work for our
state. Entrepreneurship is messy, but
that is the only true way to fundamen-
tally change an economy.
Today, the number of new businesses
created in West Virginia each year is
OH
IN
IL
CO
Entrepreneurship is Vital to
Developing Our Potential
PA
TN
OK
CA
AR
WV
KS
MO
OK
AZ
NH
CT
NE
MS
NJ
MD
DC DE
SC
VA
RI
Share of Employment by
Small Business 2 014
NC
GA
TN
AR
NM
SC
MS
TX
NC
KY
AL
DE
ME
WV
ND
SD
NM
RI
NJ
AL
Share of Employment by
Small Business 2 014
GA
TX
45% - 49%
LA
AK
AK
50% - 54%
50% - 54%
FL
HI
FL
< 45%
45% - 49%
< 45%
LA
> 54%
US average = 48%
> 54%
US average = 48%
SOURCE: U.S. Small Business Administration Office of Advocacy
noticeably lower compared to a couple
of decades ago, but the number has been
increasing at least since a low point after
the national recession, around 2010. We
should push to better understand why
this measure of entrepreneurship has
changed in the way it has and what
mechanisms we can use to better pro-
mote entrepreneurship.
Ultimately, a central element of any
discussion around economic develop-
ment in our state should be finding
ways to foster and promote a more
entrepreneurial culture.
Editor’s Note: Every year, the West Virginia
University Bureau of Business and Economic
Research hosts the Economic Outlook Con-
ference series, during which experts pro-
vide an overview on the state’s economy
and what West Virginians can expect in the
coming years. To view the report in full, visit
https://business.wvu.edu/centers/bureau
ofbusiness-and-economic-research.
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