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As I show in my book, from empirical studies, much less than 1% of all new startups ever see a venture capitalist.
[email protected]: You said not much funding comes from venture capitalists or angel investors.
How are entrepreneurs getting the money they need to execute their ideas?
A finely crafted, tightly defined, highly detailed business plan seems like a perfectly rational tool for getting your entrepreneurial ideas off the ground. Schramm, an economist, Syracuse University professor and former president of the Ewing Marion Kauffman Foundation — a non-profit that encourages entrepreneurship — says that crafting a business plan is one of the biggest misconceptions about how to start a company on the right footing.
His new book, , says the true blueprint for success requires innovative ideas, real-world experience and keen judgment.
So, I largely view the creation of a business plan as something of a waste of time.
The third problem is that it seems to make starting a business somewhat like a cookbook.Schramm: I don’t think [the current curriculum] can be tweaked. It’s in engineering or the STEM subjects, the technical subjects. At MIT, there’s one professor in the business program there who teaches entrepreneurship.Many, many more entrepreneurs come out of MIT because it’s an engineering and a technical school. But it doesn’t matter because if they didn’t teach it at all, these schools would be producing many, many new businesses all the time.And the whole schema, including the notion of a business plan as the formal way to teach how to start a business in a college classroom, is geared to 20-year-olds.Much of our mythology is that unicorn companies are started by people, like Mark Zuckerberg, who are in their 20s.The vast majority of entrepreneurs were really amazed to find out that they became an entrepreneur.In my case, I was a professor at Johns Hopkins for 15 years, and then one day my research sort of slapped me in the face.But the reality is, the vast majority of people who start businesses are middle-career people who have been surprised by the fact that they actually had an idea, and their idea was good enough to build a business around.Another thing wrong with how we write about entrepreneurship, how it’s taught, is that somehow people set out to be entrepreneurs as if they set out to be a dentist or an accountant.Schramm joined the [email protected] show, which airs on Sirius XM channel 111, to explain why inventors and entrepreneurs should light a few matches and get on with it.(Listen to the full podcast using the player at the top of this page.) Carl Schramm: It’s the basis of much of the teaching about how to start a business, and so much of what’s taught is basically conjecture.