Papers Containing Keywords(s): 'venture'
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Viewing papers 71 through 74 of 74
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Working PaperFinancing Small Business Creation: The Case of Chinese and Korean Immigrant Entrepreneurs
September 1996
Working Paper Number:
CES-96-09
Prevailing scholarly literature misrepresents the realities of how immigrant Korean and Chinese entrepreneurs finance entry into small business. Supportive peer and community subgroups are not major sources of startup capital; the majority of all loan funds are raised by borrowing from financial institutions. The major single funding source is equity capital, which derives almost entirely from family household wealth holdings. Controlling for firm and owner traits, comparison groups of nonminority and Asian American nonimmigrant self-employed borrowers are shown to have greater access to loan sources than Korean and Chinese immigrants. High equity capital investment offsets this disadvantage. Absent rotating credit associations, and other minor debt sources, the average Korean/Chinese startup possesses substantially more financial capital than its nonminority counterparts.View Full Paper PDF
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Working PaperFirms Started As Franchises Have Lower Survival Rates Than Independent Small Business Startups
May 1994
Working Paper Number:
CES-94-03
Aspiring entrepreneurs choosing to become franchisees certainly expect to improve their chances of survival during the turbulent early years of business startup and operation. Alignment with a franchiser parent company offers the franchisee managerial assistance, access to financial capital, and access to markets via the right to utilize the parent company trademark. This study examines survival patterns among franchise and nonfranchise small firms started between 1984 and 1987: survival through late 1991 is tracked for all firms. Although the franchise operations are larger scale, better capitalized young firms, the independent business startups are found to be more profitable and their survival prospects are better than those of franchises.View Full Paper PDF
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Working PaperCommercial Bank Lending Practices And The Development Of Black-Owned Construction Companies
December 1991
Working Paper Number:
CES-91-09
Although the construction industry has been a tremendous growth industry for black entrepreneurs in recent years, black-owned construction firms, on average, are less than half the size of those owned by nonminorities. Previous findings suggest that limited access to financial capital, particularly bank loans, has restricted the size of black-owned businesses. Examination of nationwide random samples of construction companies reveals that black firms are treated differently than nonminorities when they borrow from commercial banks: they get smaller loans than nonminorities who have otherwise identical traits. Undercapitalization, in turn, is shown to increase the likelihood of firm discontinuance. Alleviation of undercapitalization problems would help promote the development of black-owned businesses in the construction industry.View Full Paper PDF
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Working PaperEntrepreneur Factor Inputs and Small Business Longevity
June 1989
Working Paper Number:
CES-89-04
This study analyzes nationwide samples of black and nonminority entrepreneurs who entered into small business ownership between 1976 and 1982. Econometric models are estimated that seek to differentiate traits of owners whose firms were still operating in late 1986 from those whose businesses had discontinued. Explanatory variables used to differentiate surviving firms from discontinuances include qualitative and quantitative measures of owner human capital, demographic traits, and owner financial capital inputs at the point of business startup. Certain characteristics typify the firms that are most likely to remain in business, irrespective of whether the owner is black or white: investment of substantial amounts of financial capital at the point of business startup; competing in the open marketplace, as opposed to catering to a minority clientele; high levels of owner educational attainment. The higher business discontinuance rates observed among blacks are rooted strongly in the lower financial capital inputs that typify the black firms at the point of startup.View Full Paper PDF
