The American system of private enterprise has given strength and prosperity to the United States and enabled us to be the most powerful and economically strongest nation in the world today. In addition, it has contributed to the quality of life that the American people enjoy and has made possible our leadership in the world community. This system allows business owners to freely market and promote their services and products. Smaller businesses have greater flexibility, provide greater personal attention to consumers, and usually are more motivated to succeed. Larger companies have more resources and wealth to advertise and market their services or products. Business income depends largely upon the sale of products at a profit, including goods and services. The manner in which a business meets the needs of its customers and clients is also important in its success in the marketplace.
All businesses have the same goal, to make their customers or consumers happy and make a profit. Robert Walker, President of Agricultural Trade Development Group, has full control of his business and profit. He can make decisions independently without the need to consult with a board of directors or anybody else. Mr. Walker has the ability to take full advantage of our free market economy, limited only by his financial resources. Larger companies such as Wal-Mart, however, have a greater ability to raise capital and expand resources. These businesses have a greater internal support structure such as ground staff, supervisors, heads of departments, and managers often specialized as to their responsibilities. This enables larger companies to respond more quickly to market forces and demand, and create the better products to achieve customer satisfaction. Wal-Mart concentrates on product planning, development and promotion. This consists of designing products to suit the consumer, making them affordable, and promoting their sales through continuing multi-media advertising.
In a private enterprise system, everyone has the right and freedom to build what they want, sell what they want, and buy what they can afford. The American Private Enterprise System has proven to be the economic building block for the US economy and has produced many benefits to American society. We live in a country where there are literally thousands of products and services to choose from providing the consumer with a wide variety of choices as to quality, value and price. This system allows entrepreneurs to run businesses without excessive governmental control and regulation, and free of governmental interference in the forces at work in the marketplace.
The private enterprise system ensures that the demand of the customer for a product or service will be met by the private sector, whether a small entrepreneur entering the marketplace, or a large conglomerate with worldwide resources and capabilities. Finally, it means an individual can design or develop a product freely and have an equal opportunity with others to get a “piece of the economic pie” and to share in the proverbial “American dream.” This creativity and ingenuity also provide the American consumer with ever changing advances to improve the quality of life in the United States and to sustain our economic leadership.