Jason set up a textile mill in his hometown in 1865. He became a rich businessman by the time his son Earl took over the business in 1895. Soon after Earl started heading the business, the government passed laws to regulate business and protect consumers and workers. Due to this move by the government, the textile mill had to introduce a fixed salary structure for its employees and implement quality checks for the products manufactured. In the context of the history of American business, Jason had set up this textile mill in the _____.

Entrepreneurship is the process of designing, launching and managing a new business, which usually begins as a small business or startup, offering a product, service or process for sale. It has been defined as "... ability and willingness to develop and manage the opening of a new business along with the risks that this implies, in order to generate profits" Due to the great risks of launching a company, a significant part of these businesses have to close due to "lack of financing, bad business decisions, economic crisis or a combination of all of these" or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" was extended to explain how some individuals (or teams) identify opportunities, evaluate them as viable and decide to exploit them, and use these opportunities to develop new products or services, open New companies or even industries.