National Dialogue on
Entrepreneurship


Week of November 15 - November 19, 2004


Welcome to the National Dialogue on Entrepreneurship, an initiative of the Public Forum Institute made possible by a grant from the Kauffman Foundation of Kansas City. Through NDE-news, we bring you short summaries and analyses of various trends driving the innovation economy. Current and archived issues of are available online at www.publicforuminstitute.org/nde/news/nde-news.htm. To subscribe, visit www.publicforuminstitute.org/nde/join/

Links to the day's entrepreneurship stories from across the nation and around the world are posted each weekday at www.publicforuminstitute.org/nde - bookmark it and stay informed about the latest entrepreneurship news. 


The New INC 500

While we were focused on the Presidential elections, the latest annual INC 500 list was released. As usual, the annual list offers an interesting snapshot of the state of entrepreneurship in the US. This year’s winner hails from Washington, DC. InPhonic, a mobile phone seller, grew by an astounding 5,598% last year. That’s impressive, but all of the INC 500 firms post some fantastic numbers. Overall, the INC 500 firms employed more than 70,000 people last year, with 45,000 of those jobs created in the last four years. Some other interesting facts from this year’s list include:

  • Almost half of this year’s list was started between 1998 and 2000. Because capital was readily available during this period, these firms have raised more funds than past INC 500 firms. The average amount of capital raised in this year’s INC 500 is $1.49 million per firm. 

  • Women own only 8% of INC 500 firms. Minority ownership is also rare, accounting for only 12% of the list.

  • Florida and California have the most firms on the list; Utah lists the most firms on a per-capita basis. 

The 2004 INC 500 appears in a special Fall 2004 issue of INC Magazine. To learn more, visit http://www.inc.com/resources/inc500/index.html
 


Enterprise Week in the UK

November 15-21, 2004 marks Enterprise Week in Great Britain. In addition to recognizing the importance of entrepreneurs to the British economy, Enterprise Week will also be full of events for those wishing to learn more about starting and growing a business. This is just the latest effort from Enterprise Insight, a campaign led by the Small Business Service with the objective of encouraging more young people to consider entrepreneurship as a career option. The Enterprise Week website lists hundreds of events for the week, but typical offerings include enterprise challenge competitions, conferences and symposia, networking events, and much more. Of note is that Enterprise Insight, led by UK Chancellor of the Exchequer Gordon Brown, picked an American, Carl Schramm, president of the Kauffman Foundation of Kansas City, for its keynote address. NDE will be participating, looking for ideas and assessing whether or not such a "Enterprise Week" is warranted in the United States.

To learn more about Enterprise Insight and Enterprise Week, visit http://www.sbs.gov.uk/default.php?page=/services/entinsight.php

 


New Polling Data on US Entrepreneurship

A new survey from credit card firm Capital One and Consumer Action reveals that the American entrepreneurial spirit is alive and well. The survey found that 40% of Americans dream of owning their own business. The primary reasons for desiring this career option were “to do what they want to do” and “to be (my) own boss.” Within this group of aspiring entrepreneurs, nearly 55% felt that they “don’t know where to begin.” Capital One and Consumer Action are also using these surveys as a means to publicize their own financial education programs and reports that can be accessed at www.money-wise.org.

Another survey from Wells Fargo and Gallup indicates that there’s a reason why people want to be entrepreneurs. Most people who have started their own businesses like it! The Wells Fargo/Gallup poll surveyed current small business owners and found that 86% say they would do it again. Overall, 48% felt that they were very successful, while another 46% said that they were “somewhat successful.” Only 5% felt they had not succeeded. Finally, 76% of the entrepreneurs noted that they believed they were better off financially than if they had opted to work for another company.

To access a press release regarding the Capital One/Consumer Action survey on entrepreneurial aspirations, visit http://phx.corporate-ir.net/phoenix.zhtml?c=70667&p=irol-newsArticle2&ID=636611&highlight=

To access a Wall Street Journal report regarding the Wells Fargo/Gallup poll on satisfaction rates among small business owners, visit http://www.startupjournal.com/columnists/smalltalk/20041103-smalltalk.html

 


Veteran Entrepreneurs

A new study released by the Small Business Administration’s (SBA) Office of Advocacy shows that America’s military veterans have the entrepreneurial bug. In response to a Congressional request, Waldman Associates (on behalf of SBA) surveyed veterans and found that about 22% had started a business or were considering purchasing or starting one. A high proportion of this group had gained skills in their military service that were relevant to their current business’ needs. A large portion of the business owners (39%) operates home-based businesses. Overall, the report makes a strong case for continued funding of support programs for veteran entrepreneurs, with a special emphasis on home-based businesses and effective use of the Internet. 

To access Entrepreneurship and Business Ownership in the Veteran Population (2004), by Waldman Associates, visit http://www.sba.gov/advo/research/rs242tot.pdf


They Made America

You may not know their names; you may not know their stories -- but they made America. A PBS series based on Harold Evans’ book, They Made America: From the Steam Engine to the Search Engine, began last week to examine 11 influential innovators whose entrepreneurial spirit guided the country’s evolution over two centuries. The first episode highlighted the stories of “revolutionaries” – Robert Fulton, John Fitch, Lewis Tappan and Samuel Colt – and “rebels” – Ted Turner and Russell Simmons. The series – supported in part by the Kauffman Foundation of Kansas City – continues tonight with a look at immigrant “newcomers” Samuel Insull, Amadeo Giannini and Ida Rosenthal. The final part, scheduled to air on November 22, will spotlight “gamblers” Juan Trippe and Ruth Handler. 

To learn more about They Made America, visit http://www.pbs.org/wgbh/theymadeamerica/index.html 


Queer Eye for the Entrepreneur?

The success of Queer Eye for the Straight Guy and Trading Spaces is spawning a new generation of makeover shows, and the latest in this line focuses on makeovers for start-up businesses. Taking Care of Business, a new Learning Channel show, kicked off last week and appears on Wednesday nights at 10 PM. The show’s premise is that a team of four business experts – a “buzz builder,” a “glamour guru,” a “management maven” and a “gut-instinct guide” – comes in and helps an entrepreneur address pressing business problems. Last week’s episode featured a menswear store; future episodes will assist a cybercafe, an outdoor products retailer, and a bait and tackle shop. 

To learn more about Taking Care of Business, visit http://tlc.discovery.com/fansites/tcob/tcob.html

 


Sponsored by: 

Kauffman Foundation    The Public Forum Institute

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National Dialogue on Entrepreneurship:

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Mark Marich, Editor

All stories © 2004 The Public Forum Institute
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