I think increased regulation of the financial services is here to stay. We simply can’t afford another episode like our current financial turmoil. We need to ensure transparency. Back room (off balance sheet) deals need to be minimized, if not eliminated. The big but here is that care should be taken to ensure that entrepreneurs are given the latitude to re-energize the economies of the world. Bureaucratic institutions can’t be expected to be effective in that role. There should be a market discipline to the spending and hiring so that small business is not crowded out by large numbers coming out of governments.

Dan sullivan of the Strategic Coach has a definition of entrepreneurs as true creators of value. He quotes 19th century economist Jean-Baptiste Say: “An Entrepreneur is someone who takes resources from a lower level of productivity to a higher level of productivity.” I like this  definition becuase it speaks to the fundimental role of the entrepreneur as a creator of value for the economy.