Starting a new business myths and realities
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STARTING A NEW BUSINESS: MYTHS AND REALITIES. A Presentation by Steven E. Phelan Director, UNLV Center for Entrepreneurship. WHO AM I?. An aussie A pracademic Professor & PhD Executive & MBA Consultant Director, UNLV Center for Entrepreneurship Teaching Research Outreach. Steve.

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Starting a new business myths and realities
STARTING A NEW BUSINESS: MYTHS AND REALITIES

A Presentation by Steven E. Phelan

Director, UNLV Center for Entrepreneurship


Who am i
WHO AM I?

  • An aussie

  • A pracademic

    • Professor & PhD

    • Executive & MBA

    • Consultant

  • Director, UNLV Center forEntrepreneurship

    • Teaching

    • Research

    • Outreach

Steve


Why am i here
WHY AM I HERE?

  • To dispel the myths about starting a business based on recent data

  • To obtain a realistic portrait of the life of an entrepreneur

  • To help you make an informed decision about starting a business

  • To improve your chances of success

    • Successful entrepreneurs do a lot of things differently than failed entrepreneurs


Sources
Sources

  • Global Entrepreneurship Monitor (GEM)

    • An annual survey of national entrepreneurial activity in 42 countries

  • Panel Study of Entrepreneurial Dynamics (PSED)

    • Longitudinal studies of people intending to start a business

      • An initial sample of 64,000 people in 1998 (PSED I)

      • A sample of 34,000 people in 2005-6 (PSED II)

  • Kauffman Firm Survey (KFS)

    • A longitudinal survey of ~5,000 businesses started in 2004

  • Scott Shane, Illusions of Entrepreneurship


  • I will never start a business.


  • There has been significant growth in startups and small business in the last 50 years


  • The US is the most entrepreneurial country on the planet!


  • Entrepreneurs choose the most profitable industries


  • Ideas are a dime a dozen rates because they are familiar and easy to enter (e.g. personal services)

  • Investors will laugh if you want an NDA

  • Execution is what counts

  • Build a better mousetrap and the world will beat a path to your door


  • Entrepreneurs start businesses to get rich


  • People doesn’t like working for someone elseare statistically more likely to become self employed if they are unemployed, change jobs often, or earn less money

  • Entrepreneurs have a record of success


  • Pretty much anyone can become an entrepreneur


  • Pretty much anyone can become an entrepreneur


  • Most startups are innovative hi-tech teams chasing profitable opportunities


  • Starting a business is easy


  • Startups create employment


  • You need a lot of money to start (or buy) a business


  • Entrepreneurs use “other people’s money”


  • Venture capitalists fund new ventures


  • Angel investors fund new ventures


  • Most businesses fail within a year!


  • You earn more working for yourself and work less


  • Starting a business can make you wealthy


  • Work hard and you can be successful


Secrets to success
Secrets to success non-owners

  • Get some education

  • Get experience in your industry

  • Start marketing early

  • Work with a team

  • Get external financing

  • Form a corporation

  • Enter an attractive industry

  • Seek a competitive advantage

  • Write a plan

  • Do something

  • Persevere!


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