When George Bush (#41) accepted the nomination, he told us that in the previous eight years - the Reagan Years – that there had been 17 million jobs created. What he did not say was that during the exact same period, the Fortune 500 lost 3.5 million jobs.
If it hadn’t been for entrepreneurs and the 20 million net new jobs that they created, where do you think we would be today?
In the years from 1994 to 1999, 1/3 of the Fortune 500 companies failed. It took the previous 25 years for that many to disappear. By 2010, if the same pattern prevails, my guess is that another third will have bit the dust.
Guess who is going to replace them? The entrepreneurs who dared to step out. It will not be the media, the banks and certainly not the government.
How is it possible for humongous companies, with all their resources, to be clobbered by a bunch of upstarts? For the last 20 years, entrepreneurs all over the country have been creating havoc by replaying the David and Goliath story by smiting giants.
Why are so many companies failing?? My guess would be that most large companies are dinosaurs waiting for their food to run out. They will be replaced by other dinosaurs whose fate will be the same.
The Boomer Blogger
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