One definition of Entrepreneurship is the act of redirecting of resources to a new and more productive use, creating new demand. So much of entrepreneurship today is in the arena of information technology. It’s therefore ironic that one of the greatest advances in information technology occurred nearly 300 years ago.
Benjamin Franklin is best known for his experiments with electricity and his role in the creation of our constitution. But an innovation Franklin introduced as a young man has had a far greater effect than you might imagine. He created a discussion group of merchants and professionals that he called “the Junto” (probably the first “Vistage”-like group in America). He had the idea of having this group share the few (and relatively expensive) books they owned among themselves and making them available to others….What we know now as a “public” library.
For very little money and using available resources (shared books) already available, he had a profound and lasting impact on the intellectual life of the young country. In his autobiography he noted the lending library’s crucial role in fostering democracy: “These libraries have improved the general conversation of the Americans” and “made the common tradesmen and farmers as intelligent as most gentlemen from other countries.” Surely the impact on democracy and American economic growth has been profound.
We have greatly improved our machines; Franklin helped create a demand for literacy which helped many improve themselves. Learn about a profound innovation that helped make America history: “How Ben Franklin Invented the Library as We Know It.”
