In his book called Das Kapital, published in the 1800s, 19th-century German philosopher, author, social theorist, and economist Karl Marx popularized Capitalism. He referred to capitalists as individuals who owned the means of production and employed others as laborers in their quest to make profits. Often referred to as a free market, Capitalism consequently went on to infer an economy where individuals and entities privately own and control production factors such as capital and property and use these means to make profits. This is opposed to socialism, where a free market doesn’t exist, and a main central department defines the distribution of resources as Government. The United States has often been characterized as a capitalist economy.
Even though nowadays these terms are not as permanently used as they were back then when they were coined, Capitalism is inferred to have prevailed in the United States much more actively than most other countries elsewhere. In a capitalist economy, individuals’ actions in their pursuit of profits are driven by their motivation or the market demands and competition. They, therefore, control the factors of production. In such an economy, the Government often doesn’t get involved per se. It only comes in to create a level playing ground for the participants in the free market, protecting it and preventing unfair advantages posed by monopolies and syndicates. Often, in the end, this form of the economy results in the best products and services because due to the competition, consumers will only go for what they consider to be the best.
In this scenario, Shalom Lamm, an entrepreneur who has established a career in the real estate investment sector, points out that to succeed in a capitalist economy, one has to work hard and strive to prove themselves. He believes that entrepreneurship starts with the idea that is consequently grown into a series of ideals. To thrive, he presumes, the roots of such an undertaking have to be grounded in the healthiest foundation based on challenging work standards—the entrepreneur, who is also the Chief Executive Officer of the non-profit organization named Operation Benjamin. The organization seeks to protect the memories of American-Jewish servicemen and women who lost their lives during the Second World War, opines that if someone is passionately committed to something, they will successfully attain it. By this, he means one has to do their best to achieve their set goals. This implication particularly applies to a capitalist economy in which entrepreneurship is significant because therein lies the success that entrepreneurs seek. Lamm has a bachelor of arts degree in philosophy from Yeshiva University in New York City.
He also holds a master’s in US military history from the American Military University in Manassas, Virginia. He believes that hard work is a commendable attribute in entrepreneurship and that versatility and diligence are crucial to success. According to the businessman, an important factor in transforming oneself into a successful venture capitalist is to have the correct psyche before embarking on the task ahead. Also, Shalom Lamm believes that one should commit their significant time, energy and efforts to this cause to succeed.