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New Firm Creation in the United States A PSED I Overview

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  • Reynolds, Paul D.
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    Abstract

    The first US Panel Study of Entrepreneurial Dynamics [PSED I] is the most comprehensive assessment of the firm creation process yet completed. Based on a representative sample of those actively involved in business creation, analysis begins with the consideration of 75 factors that may affect the decision of adults to get involved in the creation of a new business, followed by a detailed exploration of over 130 factors that may be associated with completing the start-up process with a new firm. The results indicate, first, that over ten million persons are involved in the firm start-up phase as nascent entrepreneurs. Second, the major factors associated with entry into the start-up process have little impact on completion of the process with an operating business. Third, activities pursued in the start-up process – not the characteristics of the entrepreneur, the start-up, or the location – have a major impacts on the transition from start-up to a successful new firm. There is little impact associated with being male; being White, Black or Hispanic; having more education; being wealthy; having experience with other start-ups; having an "entrepreneurial personality"; or being in a supportive environment. This project demonstrates the value of tracking a representative sample of nascent entrepreneurs with a longitudinal study. Implications for future research, entrepreneurs, and public policy are substantial.

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    File URL: http://dx.doi.org/10.1561/0300000010
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    Bibliographic Info

    Article provided by now publishers in its journal Foundations and Trends(R) in Entrepreneurship.

    Volume (Year): 3 (2007)
    Issue (Month): 1 (February)
    Pages: 1-150

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    Handle: RePEc:now:fntent:0300000010

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    Web page: http://www.nowpublishers.com/

    Related research

    Keywords: Nascent entrepreneurs; Longitudinal study; Economic growth;

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    Cited by:
    1. McCann, Brian T. & Folta, Timothy B., 2012. "Entrepreneurial entry thresholds," Journal of Economic Behavior & Organization, Elsevier, vol. 84(3), pages 782-800.
    2. Semrau, Thorsten & Werner, Arndt, 2009. "How exactly do networking Investments pay off? Analyzing the impact of nascent Entrepreneurs networking Investments on Access to Start-Up Resources," MPRA Paper 18350, University Library of Munich, Germany.
    3. Stuetzer, Michael & Goethner, Maximilian & Cantner, Uwe, 2012. "Do balanced skills help nascent entrepreneurs to make progress in the venture creation process?," Economics Letters, Elsevier, vol. 117(1), pages 186-188.
    4. Obschonka, Martin & Silbereisen, Rainer K. & Schmitt-Rodermund, Eva & Stuetzer, Michael, 2010. "Nascent entrepreneurship and the developing individual: Early entrepreneurial competence in adolescence and venture creation success during the career," MPRA Paper 32021, University Library of Munich, Germany, revised 21 Dec 2010.
    5. Roy Thurik & Jolanda Hessels & Isabel Grilo & Peter van der Zwan, 2009. "Entrepreneurial exit and entrepreneurial engagement," Scales Research Reports H200910, EIM Business and Policy Research.
    6. Yang, Tiantian & Aldrich, Howard E., 2012. "Out of sight but not out of mind: Why failure to account for left truncation biases research on failure rates," Journal of Business Venturing, Elsevier, vol. 27(4), pages 477-492.
    7. Paul Reynolds, 2009. "Screening item effects in estimating the prevalence of nascent entrepreneurs," Small Business Economics, Springer, vol. 33(2), pages 151-163, August.

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