Free Enterprise

In today's world of capitalism and free market, people use the term "free enterprise" regularly. Capitalism has always been the driving force behind free enterprise. Capitalism is the economic system that is characterized by the private ownership of property and the competitive nature of the market that determines the value of the properties or products. People own property and provide goods or services that the public needs. That includes everything from the clothes you wear, to the car you drive, the house you live in, and even the food you eat. In the modern world, no one is self sufficient. Everyone's survival depends on the goods and services provided by others. It is that interdependence that gives power to capitalism and enables the free market to function.

The main objective of the system is to make a profit. Free enterprise enables private businesses to operate freely with minimal government involvement. This allows people to open and run any business as long as it operates within the limits of the law.

For capitalism to work, businesses must meet the consumers needs and maximize profits. An entrepreneur always tries to improve his products to give their companies the cutting edge over the competition so that the consumer will choose their product. Adam Smith introduced the concept of "the invisible hand" in his book "The Wealth of Nations". According to Mr. Smith, people who pursue their own self interest eventually end up serving the public interest in the process(Adam Smith: Invisible Hand).

Due to the nature of the market, the more competition you have, the lower the price a consumer ends up paying. This leads organizations to find new ways of marketing or improving their product; which in turn helps the public by providing them with a better product or service. Thus in the end, improving the quality of life for all those involved.

As beneficial as free enterprise can be for the economy of a country, in areas with minimal government control and regulation, the risk of bribery and corruption grows. This makes capitalism and dual edged sword. It can help a society grow and prosper, or in the absence of morals and business ethics, allow individuals to amass great wealth by taking advantage of the system and exploiting others.

With the spread of democracy, free enterprise exist almost everywhere. The only areas it cannot be found are places with maximum government control, such as communist countries or countries under the rule of a dictator.

Among all the free enterprise organizations that exist, one stands out for its efforts to improve the education and values of future entrepreneurs. SIFE( Students in Free Enterprise) is an international non-profit organization that works with leaders in business and higher education to mobilize university students to make a difference in their communities while developing the skills to become socially responsible