So . . . how do you discover which industries, funding sources and strategies are most likely to lead to a successful, rewarding business?
Our featured guest in this Episode of The Small Business Trends Radio is Scott Shane, A. Malalchi Mixon III Professor of Entrepreneurial Studies at Case Western Reserve University. He is also the author of a new book, Illusions of Entrepreneurship, which is the source of much of the information in the show. (You can find the book on Amazon, too.)
Discussion topics include:
- What is the single biggest myth regarding startups? — Myth: The growth of a startup depends on the individual entrepreneur’s talent, right? Wrong. The industry chosen has huge effect on the odds of growth.
- Why does the chosen industry have such a powerful effect? — Here’s an example. Approximately 4.2% of companies listed as the fastest growing private companies on the Inc. 500 list are in the computer and office equipment industry. And .005% are in the hotel/motel industry and another .007% are in eating/drinking establishments.
- What do the above statistics mean? — That’s simple. It means that the odds for success are 840 times higher for the computer and office equipment industry than they are for the hotel/motel industry.
Do I have your attention now?
Scott Shane has been studying and teaching entrepreneurship since 1989 with half that time also spent as an angel investor. His insights into developing successful startups are invaluable, and in this interview — he shares many.
Would you like to hear them? You can do so by clicking the player below and listening to Scott’s interview.