Education, prior work experience and financial backing are crucial factors in the success of entrepreneurs, according to a new book by Robert W. Fairlie and Alicia M. Robb and funded in part by the Ewing Marion Kauffman Foundation. The book examines why Asian American-owned businesses do well in comparison to white-owned businesses, and African American-owned firms do poorly in relation to both. The book also explores the broader question of why some small businesses succeed and others fail.
According to Race and Entrepreneurial Success: Black-, Asian-, and White-Owned Businesses in the United States, the most significant factors contributing to a firm's level of success are its startup capital and the owner's education level and business experience. The book, which was recently released by MIT Press, provides a new comprehensive analysis of Census Bureau data that are rarely seen by the public.
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