An economist’s guess is liable to be as good as anybody else’s. Will Rogers
Are there entrepreneurial opportunities in the manufacturing sector? Given the relatively rough treatment that U.S. manufacturing tends to take these days, it is an interesting and timely question.
I often ask my students in class and audiences during talks the following two questions: 1) What percentage of the world’s manufactured goods are produced in the United States? and 2) What percentage of the world’s manufactured goods are produced in China? Overwhelmingly, the response I get both from my students as well as the general public is less than ten percent for the U.S. and sixty to eighty percent for China.
Three persistent myths. The answers are emblematic of the first persistent myth that U.S. manufacturing is dead at worst or on life-support at best. The reality is that the U.S. is the world’s largest manufacturing economy consistently producing 21-23% of global manufactured products. There is no denying that China has made a remarkable advancement in the manufacturing sector, today producing upwards of 15% of the world’s manufactured goods, but U.S. manufacturing is estimated to produce over $1.5 trillion of value or over 11% of the U.S. Gross Domestic Product.
That brings us to the second persistent myth – there are no entrepreneurial opportunities in U.S. manufacturing. There are.