Entrepreneurial Spirit Drives Utah’s Economy from Salt Lake Chamber on Vimeo.
We gather this evening to salute the entrepreneurial spirit. It is this spirit that has made America a great nation and it is the way we harness the entrepreneurial spirit that has made Utah a stronghold of our national economy.
One of my favorite films is “Man of la Mancha.” In one memorable number, “The Impossible Dream,” the entrepreneurial spirit is well defined:
To dream the impossible dream
To fight the unbeatable foe
To bear with unbearable sorrow
To run where the brave dare not go
The entrepreneur does what so many wish to do. It is the courage to do it that separates him from the rest.
Utah boasts the highest number, per capita, of small businesses in the nation. That is a tribute to the spirit of enterprise among our people. We are blessed with industrious people who want to build, create and grow. They want to work, they want to strive and they want to improve.
This spirit has proven very useful throughout our history and I believe it has played an important role as we have faced significant economic challenges in recent years.
Utah has not been immune to the global economy. Like the rest of the world we have seen our unemployment rate rise, we have seen confidence shaken and we have felt the stress that accompanies uncertainty.
But we also grasped opportunity from the challenges.
President John F. Kennedy once noted that when written in Chinese the word “crisis” is composed of two characters—one represents danger and the other represents opportunity.
As business leaders visit the Chamber, recognize that economic challenges have made them more competitive, efficient and nimble. These companies that are thriving today are those that have proven they are able to adapt and lead change.
Utah finds itself atop many impressive lists:
We are the most physically fit state in the nation.
We are the second happiest state behind only Hawaii.
Though they have better beaches in Hawaii, I think our happiness is linked—at least in part—to the fact that we have the nation’s swiftest commute and the best airport.
We are among the top states for business.
We are ranked among the five most-friendly states for small business.
We manage our public debt better than the rest of the nation.
And Utah is widely recognized as the state most likely to lead the nation out of the Great Recession.
There is something special going on in our state and it begins right here in our Capital City.
Over the past few weeks we’ve had the pleasure of hosting both the American Chamber of Commerce Executives as well as the Big 9—a group made up of the largest chambers of commerce in the western United States.
One evening during their visit, we hosted a dinner for the group on the top floor of the Zions Bank building to provide a birds-eye view of the City Creek Center construction.
One of the visiting chamber presidents turned to me and asked, “Do you know the difference between Salt Lake and my city? The cranes in your city actually move!”
The remarkable investment in our downtown has kept thousands of workers on the job in one of our hardest-hit sectors, construction.
The one-point-six million dollars being spent each day on downtown construction has not only helped during a downturn, it is an investment that has us uniquely positioned to boom when others will only hope for modest growth.
Just last week, the business publication Kiplinger’s Personal Finance named Salt Lake City among the top five on its list of the “Ten Best Cities for the Next Decade.”
The article cited our reputation as a hard-working, tech-savvy and well-educated state.
Utah is no longer a well-kept secret.
As the accolades come, we must remember what we did to earn them in the first place and we must understand that we cannot simply bask in the praise we receive. We must re-double our efforts and focus on policies that will strengthen those well-deserved reputations going forward.
Robert Frost famously wrote of two roads diverging in the woods:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.
Those emboldened by the entrepreneurial spirit understand the importance of taking the road less traveled.
We have seen the benefits of charting our own path in this state.
The fact is, we compete with other states—those that border Utah and those that do not.
We’re in competition when businesses look to relocate and we’re in competition when a start-up looks for a place to put down roots.
As we emerge from the economic downturn, and as Utah leads the nation out of the Great Recession—it is critical that we ensure our future prosperity by investing in education.
Our future prosperity as a state is directly tied to an educated workforce with the skills and knowledge to compete with other states and other countries.
The business community considers education and the future of our state’s workforce to be a top priority. Last year, our battle was primarily over funding. We applaud the State Legislature for working to maintain the funding levels despite significant budget shortfalls.
Going forward, the education solution will not be based solely on funding. Students today will enter a workforce far different from the one their parents faced. They must be better communicators, they must be better with computers and they must be much better in math and science. Our ability to innovate in the field of education and the investment we make to prepare our children will determine where we are as a state in the years and decades to come.
Armed with a solid education, our students will be better employees. And those who choose to follow their entrepreneurial dreams will be better positioned to succeed.
The spirit of enterprise, the entrepreneurial spirit, the burning desire to live the American Dream—these are all raw energy. That energy must be combined with the knowledge, the skill and the vision that a first-class education provides.
What makes Utah great and what makes our nation great is the spirit of our people.
Let us take the road less traveled. Let us support those who “dream the impossible dream.”
We can make the most of this passion to build and to create. We can help the budding generation of entrepreneurs become what they dream to become. We can make the Utah economy not just what it is, but what it should be.
Thank you very much.
Prepared remarks given by Lane Beattie at the Ernst & Young Entrepreneur of the Year awards June 2, 2010 at the Salt Palace Convention Center.
