The Entrepreneurial Mind

Jon Hilsenrath writes in this article in startupjournal.com about more evidence of the impact, albeit underreported, on the current recovery. Hilsenrath reports that ??proprietor's income, excluding the farm sector, was up 8.6% from a year earlier. By contrast, the wages and salaries of individuals on corporate payrolls were up just 2.3%.? So there is growth in the economy, but it is not on the radar screen of the antiquated statistics used by the federal government.

The picture painted in the media showing hopeless unemployed wandering like some existential souls in a Camus novel into a life of self-employment out of desperation are not true. The data now shows that these folks, these entrepreneurs, are seeing growth in income that is twice the level of those within traditional jobs.

Hilsenrath goes on to report that while there are no national statistics on business formation, you heard it right, no national statistics, anecdotal evidence from Delaware and California show strong new business growth in 2003.

Once again, the most important force in this recovery, this entrepreneurial recovery, is being at best drastically underreported and most often unreported.