United States Entrepreneurship

CEOs from left to right: Marc Benioff (Salesforce), Karl Mehta (EdCast), Chip Bergh (Levi Strauss), John Milligan (Gilead), Ajay Banga (MasterCard), Mandeep Rai (Creative Visions Global).

We all know America as the nation that was founded in revolution and that has prided itself on never taking a backward step since. The biggest and the most powerful; the dominant power economically, culturally, and militarily. But what makes America America? What among the familiar ideas of ambition, progress, patriotism, and success is the value that truly distinguishes this vast, sprawling country of countries?

In the view of Professor Nitin Nohria, dean of Harvard Business School, the U.S.’s secret ingredient is about something more than the quest for success. In his view, it is the American attitude to change and ability to pivot that is its defining characteristic.

“Some might say that America values economic success above all else, that it is ruthless in its quest for money, but at closer examination it may be an economic powerhouse because of its unquenchable appetite for experimentation, for change, for innovation and for opportunity,” he said. In other words, it is entrepreneurship—the pursuit of the new, in search of personal success and collective progress. A desire to build things, pioneer ideas, and achieve what has never been previously possible.

In the United States, there are no regrets over businesses that failed or ideas that didn’t pan out. It’s always on to the next thing, the new opportunity, something bigger, better, and smarter. As Nohria puts it: “What ultimately makes America different is its ability to be unsentimental about change.” This idea, that there is more to gain from change than there is to lose, has been embedded since the American Revolution, and the break from British rule. It is fundamental to the American psyche and reflected across its political, corporate, and cultural worlds.

Fundamental to this entrepreneurial culture is the American belief that there are more lessons to be taken from failure than from success—you’re a learner, not a loser. A string of ventures that went south doesn’t make you a dud, but someone with the guts to have had a go, and who now has valuable experience to go again. In business, at least, Americans are better than most at recognizing and admitting what was missing or mistaken before, and making sure they get it right next time.

This mind-set means America is culturally conditioned to pursue change and shift gear when circumstances require it. Among entrepreneurs the idea of the pivot has become increasingly commonplace as companies adapt to a fast-changing technological landscape. We hear all the time about disruption, but this is increasingly a world where companies have to disrupt themselves, developing products that will displace their existing ones, and ripping up the old business model in order to make space for a new one.

It is this attitude that makes America the capital of risk taking, the “home of the brave” as its anthem tells us. According to the World Economic Forum, the U.S. is second only to Switzerland as the world’s most innovative economy. In what is still a relatively young country, where young companies thrive, the no-regrets attitude means boldness is in the blood. Don’t sit around wondering what you might have to lose; instead focus on the opportunity to win, and decide what you need to change to do so.

For some the American system is too Darwinian, whether in its approach to health care, or the concentration of wealth that means some of the world’s greatest prosperity lives alongside unaccountable poverty. Yet despite its undoubted challenges, there is still a lure to America, whether you are a business, an artist, or a professional looking to make it big. The American Dream might have taken on some tarnish in recent years, but a large part of the ideal, and the attraction, still remains. After decades of the American Century, the U.S. is still facing forward, ready for its next move. It’s still a fundamentally entrepreneurial country, where anyone can make it.

And if we want to be successful in our lives, we all need the ability to be entrepreneurial. Whether it’s changing course to seize a career opening or to respond to a personal or professional crisis, our lives will throw challenges and opportunities our way. Our success will depend on how effectively we can thrive in these changing circumstances. That is especially true as the world speeds up, careers become less reliable, and new skills are constantly needed. Increasingly, our capacity to succeed will be tied to our entrepreneurial capabilities: the ability to adapt and thrive amid new and unexpected circumstances. We all need to get as comfortable with change as America has frequently been.