Entrepreneurs in today’s market have more opportunities than ever before, and they should tout the benefits of capitalism to inspire the next generation and grow their own business, according to Rick Schwartz, chairman of Winsupply and outgoing chairman of NAW in Why Capitalism Isn’t a Bad Word.
Only 42 percent of 18- to 29-year-olds “support” capitalism, according to a recent survey, and if business leaders don’t change their minds about capitalism, Schwartz says, our economy could be in trouble.
It is business leaders’ responsibility to reinvent free market capitalism for future generations, says Schwartz, and even crowdsourcing sites like Kickstarter or GoFundMe can showcase this. While banks may still be a bit skittish to fund unproven ideas, nontraditional funding sources like these provide access to funding that not only represents base money but public interest in the project or idea.
That community-supported structure represents the foundation on which many distributors were built, including Winsupply, says Schwartz. It rewards innovation by providing a way to manage and share the risks, a message that needs to be passed along to the next generation.
“Our local owners take pride in their local company because they own a substantial part of it,” Schwartz said in his speech to NAW. “The risks they take and the rewards they make create in them a wonderful feeling called earned success.”