Dr Jeff Cornwall

There were a couple of interesting findings In a study released by the SBA Office of Advocacy.
Contrary to previous findings, this study did not find any evidence that having parents who were entrepreneurs increased start-up rates. If this is supported in future studies, it may signal a shift in the profile of entrepreneurs. Growing up in an entrepreneurial household used to be seen as a major predictor of who will become an entrepreneur. But, with the explosion of entrepreneurship in our economy it may be coming more of a mainstream career choice.
Also, the impact of the existing wealth of the entrepreneur on start-up rates was much more subtle than the researchers seemed to think going into the study. There was some impact of wealth when the data was scrutinized (as we used to say in my doctoral program, “torture the data long enough and it will talk”). So the old adage of “it takes money to make money,” while somewhat supported in one slice of the data, is not as strong as is commonly thought. Another victory for bootstrapping!!