In West Virginia, a recent study encouraged the state to foster entrepreneurship, arguing that entrepreneurs can accumulate wealth while diversifying the state's economy. We want entrepreneurs, yet very few people know what it means to be one. To be sure, the entrepreneurial spirit includes a willingness to take risks, to lay out one's own money in the hope of making a profit. The classic example of the entrepreneur is a small business person who offers a product or service addressing a market need or niche. Bill Hinchey recognized a need to create an easier way to test for substance abuse.
Entrepreneurs are also active inside well-established businesses.
Government entities such as NASA and the U.S. Defense Department reward creative risk-taking by entrepreneurs working within. So, too, do state universities. As a result, WVU faculty in English, engineering, business and economics have proven their entrepreneurial spirit in a variety of successful endeavors. There is no common social or educational background among entrepreneurs. Women living in small-town Appalachia have started successful companies making quilts.