Perhaps the most interesting finding is that 60 percent of entrepreneurs in the sample spent more than six months working on their business idea before forming their entity. This highlights the blurred boundaries between paid employment and self-employment, demonstrating the necessity for public policy to be flexible in recognition of this economically vital stage of business creation.
“Policymakers, understandably, want to discern how public policy might be able to help remove obstacles entrepreneurs commonly face,” said Dane Stangler, director of research and policy at the Kauffman Foundation. “Forty percent of the respondents reported facing no regulatory or policy barriers at all and while this is encouraging, policy issues remain. Tax complexity and licensing regulations, as well as continued economic uncertainty, impede many of the entrepreneurs in the survey.”
In analysis of early-stage startup creation by age group, entrepreneurs 30 to 49 started businesses at a higher rate than other age groups did. Of the entire sample, 57 percent had six or more years of prior industry or work experience before starting their companies and 44 percent had started companies in the past. Of those who had founded companies, 52 percent had started more than one.
Personal funds were by far the most common source of business financing for entrepreneurs, with only 20 percent receiving loans from family members, bank or home equity loans or funds from outside investors.
“With 80 percent of early-stage business owners using personal funds to finance their companies, founders are decidedly willing to take on risk,” said John Suh, CEO of LegalZoom. “However, these business owners need additional financing if they are to succeed in helping drive our economy forward. Of the 60 percent of respondents who said they faced business difficulties, 45 percent cite lack of access to credit.”
About a third of startup owners in the survey were women. Although companies that reported higher revenues were far more likely to be owned by men, those run by individuals with higher education levels tended to be woman-owned. Consulting and other service-based businesses dominated the represented industries.
As would be expected of businesses that had operated for a year or less, the companies were small in terms of revenue and employees. Only 10.5 percent had revenues above $100,000, including 18 businesses with revenues greater than $1 million. For 70 percent of the companies, the owner was the only employee. Another 26 percent of the companies had between one and four employees.
“While the survey cannot be considered an entrepreneurship barometer,” Stangler said, “it does provide insights into the makeup and thought processes of startup business owners.”
Read: https://www.kauffman.org/SubSection.aspx?id=3522&LangType=1033
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
