In speaking to a group of small-business owners earlier this month, FedEx Corp. CEO Frederick W. Smith said burdensome regulations, outdated labor laws and international trade barriers threaten entrepreneurial spirit and restrict U.S. economic growth.

"One problem is that while both the traditional and the more innovative work models are flourishing side by side, the definitions and regulations governing them are built on the one employer-one paycheck model," Smith said. "In short, the new players get hamstrung by old rules."

Smith was speaking at the U.S. Chamber of Commerce, which recently published a report titled "Work, Entrepreneurship and Opportunity in 21st Century America" (http://digbig.com/4hsne).

Smith urged conference participants and government officials to be mindful of small business when crafting regulations. "To encourage the greatest economic growth, we must allow the American entrepreneurial spirit to flourish in every possible way."