In a capitalistic system, if an individual works diligently, he will receive what he earns. There are also devious and corrupt ways to become wealthy. Cheating and robbing others’ property, ideas, or lives to gain a higher status is a reality. However, in capitalism, a hardworking poor person or immigrant can rise quickly without having a close connection with a well-positioned benefactor. The necessary ingredient is the willingness of the person to sacrifice and persist until their goal is reached.
In an economy controlled from the top, who you know is more important than what you can do, develop, or create. Innovation is officially assigned to the experts in the top-level positions, not the lower-level laborers. The people at the bottom of the totem pole generally remain there. Of course, in a capitalist society, not everything is black and white. Depending on the size, leadership, and type of business, there are many individual differences, challenges, and options. The wonderful thing about Western capitalism is that if you are not satisfied with your position, you have the option to negotiate with your supervisor, leave for another business, or enter an entirely different line of work. There are many choices, rather than being stuck in a low position that is not enjoyed.
When someone has worked in a particular field and decides he can make the business more efficient, he can go to a higher-level person and win the approval of this supervisor to test an innovative idea. If adopted, the employee is often given a raise and a promotion. If it is not approved, he can make the requested changes to have it approved or try it with another corporation.
There is another level of conviction when a person fully believes their innovation is so effective that they are willing to back it with their own funds or raise money by selling shares for their idea to gain financial backing. Many low-level workers have risked all their savings and those of their financial backers to start their own businesses, which started them on the road to financial success.
Starting one’s own business does not mean it will be an automatic success. The person should be aware that at the beginning of any venture, there will be a rough start-up period. The initial monetary issue places the person and his family in a precarious position. The owner and family members may have to work other jobs to pay the rent and put food on the table. It takes time for the word to get out to the public that the business is worthwhile for the price and services it provides. A startup businessperson must realize there will be ups and downs and times when the owner will consider throwing in the towel. Perseverance and discipline are usually necessary for any type of success. The business owner should have a strong conviction that his business will be sufficiently attractive, serve people’s needs, or have a product that people desire.
Capitalism is an economic system that encourages the innovative worker to take the next step and become the owner of a business. It is firmly grounded in individual initiative and freedom. A capitalist must think outside the box yet be a realist. Capitalists must strive to be the best they can be. They must face challenges from competitors who also have a product they believe will benefit others. The entrepreneur must be inspired to struggle until their product becomes a household name in their community. Many may drop out for a while until they can tweak their idea or approach to resume their path toward success. Some will drop out permanently, but for most, it will be a temporary setback.
The American Dream is attained by anyone who perseveres and eventually finds their unique niche in US society. They will probably not become wealthy, but they will continue to do their best to perform at the highest level. They will be free to compete with others and make a decent living.
In other words, courageous entrepreneurs exercise their individual freedom in a competitive marketplace, which improves the nation’s economic status. The US capitalist economy is the most productive in the world. Let us keep government bureaucrats and socialist-leaning corporate heads from controlling our economy from the top by using their manufacturing and/or political power to prevent honest competition, which is not capitalism.
To have a true competitive capitalist economy, every business should be free to produce their product in a fair and honest system.
Domenick Maglio, PhD. is a columnist carried by various newspapers and blogs, an author of several books and owner/director of Wider Horizons School, a college prep program. Dr. Maglio is the author of weekly newspaper articles, “INVASION WITHIN,” and the latest book entitled, “In Charge Parenting: In a PC Nation.” You can see many of Dr. Maglio’s articles at www.drmaglioblogspot.com.
