- [Narrator] This is Duke University.
- One of the big questions that
is facing the country economically,
is how to get more jobs.
And, one of the really interesting results that we've seen,
is that big companies tend to destroy jobs
at roughly the same rate that they create them.
So if we're gonna get a lot of new jobs,
we need to get them from entrepreneurship.
So that raises a question for us,
which is, how do we get more entrepreneurship?
- What Victor and I realized earlier on is that,
there were a lot of research about who entrepreneurs are,
their backgrounds, whether their parents were entrepreneurs,
whether they went to university or not
and there was some evidence about
their prior employment history,
whether they worked at big companies or small companies,
whether they had lots of jobs or just a few jobs.
But the big gap in literature, which surprised us
was that, no one's studying what entrepreneurs do.
- One of the things that we wanted to do
was figure out, what are the steps that are stopping people
when they start to pursue entrepreneurship.
Traditionally, the research has been done
is to look at transitions into
self employment in the census.
But, that doesn't let you tell apart
people who wanted to start a business
from people who didn't want to and it doesn't let you see
how close they got and what steps stopped them.
- For us, when we actually talked to our friends
and our family and our colleagues
who were doing entrepreneurship.
The war stories that they told us
had a lot more to do with the process of entrepreneurship
rather than a lot of things that we've been reading
in the academic research or the popular press.
So that's really what motivated us to go deep on
how entrepreneurs actually go about starting companies.
- We put together this nationally representative survey,
asking people around the country, have you considered
starting a business and what steps have you taken
towards starting that business.
And one of the things that's really fascinating about this,
is that it can actually tell us,
what are the barriers, what are the things
that are really stopping people in their pursuit
of starting a new business.
- As a starter, we sort of asked people
very basic question, you know Victor and I
were very practical in our approach.
We said, "have you considered starting a business
in the last five years?"
We wanted to talk about considering, not just starting.
A lot of research in entrepreneurship
focuses on people who are already entrepreneurs
and there's some really good reasons
to talk to people who are already entrepreneurs
but actually, if you wanna understand
the phenomenon of entrepreneurship,
you really wanna know about the people
who didn't make it or didn't decide to go into
entrepreneurship and that's one
of the cool features of our survey.
Now, entrepreneurship and small business in America
is very different than what you might read
in the pages of Fast Company magazine.
And the typical small business is really small,
a typical small business fails
and the typical small business isn't
in the glamorous industry like tech
or working on a big problem like artificial intelligence.
But a typical small business,
if you aggregate them together,
does account for a large share of jobs in the economy.
So Victor and I really wanted not to just study
entrepreneurs, the high growth ones that
we read about in the pages of the Wall Street Journal.
But also, sort of regular small businesses
to get more of a cross section of
what's actually going on in the economy.
- There are a couple of things that we tend to think are
really important for entrepreneurship.
So one of those is regulation, one of those is taxes,
so we started looking into whether or not
those seem to have major effects.
And one of the things that really surprised us is that,
there were very early steps where people
were following off, things like,
they wouldn't search the internet
to see if there was already a business doing the same thing.
And that seems to suggest that a big factor
that's stopping entrepreneurship is just, execution.
It could be that people don't have
time after a long day of work,
or that time management is really a problem.
Of the people who said that they wanted to start a business
and were limited by finance, only about 7% of them
had actually ever talked to a lawyer
or talked to a funding agency and tried to get financing.
So we think that there is this perception
that there are barriers there,
that might not actually be there.
- Entrepreneurship is a lot like our research,
which is, it's very unstructured.
You don't know what step comes next,
you don't know what step comes first
and a lot of our jobs are actually
moving in that direction, especially knowledge workers.
Entrepreneurs are in the extreme version of that situation,
no one gives you a playbook and tells you
from step one to 10, what to do
and predictably, we find that
people don't make it very far.
A large percentage of our entrepreneurs
never actually talk about their business idea
to someone they don't already know.
Now, think about that, a best practice would be,
trying to take a business idea you're considering
and talk to people beyond your friends and family.
Your friends and family might give you a good opinion,
but they might not want to hurt your feelings.
It's really important to talk to
someone who doesn't know you, who doesn't have
that social relationship with you.
Or someone who's an expert in the field
who doesn't owe you a positive answer to get the real take.
But very few people actually do that when they're
considering a business idea and that's
really where people get stalled
and so, what was surprising to us,
was how quickly people give up,
how many steps they actually take,
which is very little and frankly,
how early on in the process we think
a lot of the frictions in
entrepreneurship might be occurring.
- One of the things that we were really excited to look at
was to compare different regions
that seem to be very different.
We all have these notions that the Silicon Valley,
Route 128, the Silicon Prairie in Austin,
that these are areas where they have dramatically
different entrepreneurship and we wanted to know,
what's different about the entrepreneurship.
Is it that people were more ambitious?
Is it that they take more steps?
Is it that the social networks locally,
give them access to information
about how to start a business?
And one thing that we found that was really remarkable
was, there's relatively little difference
in the aspirations of entrepreneurship
between areas like Detroit and Madison, Wisconsin
and St. Louis and Kansas City that have
pretty similar demographics, but
remarkably different entrepreneurial outcomes.
In terms of recommendations, this is something
that's really important for the curriculum
of entrepreneurship here at Duke and
at business schools more broadly
and it seems to suggest to us,
that what we need to do is,
put together a more structured process
and help people understand what are the next steps
so that they're not lost in the
ambiguity of what to do next, but that they have
a good rubric of what they should be doing,
one step at a time and that that'll allow them to
commit to moving forward without taking overly many risks.
- For practice, I think that a lot of things
we're seeing around mentorship,
focuses on giving people specific advice
about how to hire an intellectual property lawyer
or how to do growth hacking using your website.
People might need more basic advice
about how to manage their time
and how to meet critical milestones
or if you're working with another co-founder,
how often you should schedule meetings.
There's some real basic stuff that people
probably need help with if they're
going to move their project past that first step.
So for us, we see implications for academics of course,
but also for policy makers and
hopefully for practice as well.
- A lot of the policy interventions
that have been considered so far,
have been things related to taxes and regulation
and a lot of those are very downstream.
They're things that an entrepreneur won't face
until they've gotten pretty far into the process
and what Ronnie and my survey seems to suggest
is that we need to concentrate more
on upstream and very early stages
of the entrepreneurial process,
to try to improve entrepreneurial outcomes.
(calm music)
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