In the time of the great depression, Franklin D. Roosevelt, a
visionary President laid out a series of bold initiatives under the
plan famously known in the US history as the ‘New Deal’. The New Deal
was created mainly to stimulate the economy, come up with a short-term
aid for unemployed, and reform much needed economic and banking
systems. FDR’s bold outlook provided a strong foundation for growth and
brought a new direction for the country entangled in the laissez-faire
governance. FDR’s New Deal was instrumental in bringing economic
recovery during most of the latter part of the twentieth century. Some
of the measures taken under the New Deal (FDIC, SEC, Social security)
in the 1930s continue to have strong impact to this day. Stronger Post
depression era governance, along with the consistent economic upturn
provided a healthy breeding ground for the rising entrepreneurial
culture in America.

Lately, historians are comparing the FDR administration with Obama
administration as both presidents came to the office needing to take
drastic measures to stabilize the economy and bring about changes that
would have long term impact in the economy. I think the analogy ends
there. The approach that FDR had to take versus what the nation is
going through right now has a stark contrast. The world is changing.
The conceptual economy demands changes and emphasis once again on what
made this country great – a serious look at the entrepreneurial
foundation. Strong governance helped but entrepreneurship flourished on
its own in the 20th century. In the conceptual economy, the good
governance alone will not be enough to keep entrepreneurs competitive
when rapidly growing economies around the world are catching up.

In the time of the current recession, it should be a priority to
talk about fostering entrepreneurship. Fostering entrepreneurship is
like providing a sustainable stimulus plan to the economy. Looking at
the immediate needs, there should be a government led policy to
introduce entrepreneurship commissions in all metropolitan cities. With
the double digit unemployment rates in cities like Los Angeles and
Detroit, these commissions would be instrumental in introducing right
measures to stimulate the economy before the crisis trickled down.
These commissions would address current issues as well as focus on
advising on sustainable models. These commissions would be the leaders
in collaborating with public schools and higher learning institutes in
introducing entrepreneurship to the new curriculum. These commissions
would also bridge the gap between the government and the educational
institutes in coming up with innovative, sustainable plans to nurture
ideas, provide means to take them to the market. As we stand right now,
many government agencies and non-profit organizations are involved in
entrepreneurship in bits and pieces, but no one organization has the
influence or means to make major recommendations at the highest level.

The current administration has its hands full with many issues, but
introducing strategic policies related to fostering entrepreneurship
and small businesses should be the utmost priority. Refocusing on
entrepreneurship at the fundamental level would lead the way in
reshaping the current economy.