Entrepreneurship within General Aviation

Many modern economic theories place great importance upon entrepreneurship in the economy. Some see the entrepreneur as the individual who bears risk of operating a business in the face of uncertainty about future conditions and who is rewarded through profits and losses. The 20th century economist Joseph Schumpter saw the entrepreneur as the medium by which advancing technology is incorporated into society as businesses seek competitive advantages through more efficient product development processes. Due to the importance that capitalistic systems place upon entrepreneurship, it has become a well studied subject with many texts to discuss how entrepreneurs can succeed in modern society. Many entrepreneuring and business management courses go so far as to discuss the characteristic phases and prominent challenges that fledgling companies face in their efforts to bring a new product into a competitive market. However, even with all of these aids, start-up companies fail at an enormous rate. Indeed, the odds of shepherding a new company through the travails of becoming a well established company (as measured by the ability to reach Initial Public Offering (IPO)) have been estimated to be six in 1,000,000. Each niche industry has characteristic challenges which act as barriers to entry for new products into that industry. Thus, the applicability of broad generalizations is subject to limitations within niche markets. This paper will discuss entrepreneurship as it relates to general aviation. The goals of this paper will be to: introduce general aviation; discuss the details of marrying entrepreneurship with general aviation; and present a sample business plan which would characterize a possible entrepreneurial venture.