Economic Progress and Entrepreneurial Innovation: Case Studies from Memphis
21 Pages Posted: 15 Jan 2010 Last revised: 4 Mar 2010
Date Written: March 2, 2010
Entrepreneurial innovation encourages economic progress, and an institutional climate that encourages risk taking, rewards success, and weeds out failure is essential to a well-functioning economic system. This essay explores a cluster of path-breaking entrepreneurial innovations with common roots in Memphis, Tennessee: Piggly Wiggly’s popularization of self-serve grocery shopping, Holiday Inn’s innovations in standards and quality, Autozone’s adaption of insights from other industries, and FedEx’s creation of a distribution network that has made overnight shipping a reality.
Keywords: Entrepreneurship, Memphis, error, profit, loss, maladjustment
JEL Classification: B53, L26, O10
Suggested Citation: Suggested Citation