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The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By Hardcover – January 28, 2008

by Scott A. Shane (Author)

68 customer reviews

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There are far more entrepreneurs than most people realize. But the failure rate of new businesses is disappointingly high, and the economic impact of most of them disappointingly low, suggesting that enthusiastic would-be entrepreneurs and their investors all too often operate under a false set of assumptions.

This book shows that the reality of entrepreneurship is decidedly different from the myths that have come to surround it. Scott Shane, a leading expert in entrepreneurial activity in the United States and other countries, draws on the data from extensive research to provide accurate, useful information about who becomes an entrepreneur and why, how businesses are started, which factors lead to success, and which predict a likely failure.

The Illusions of Entrepreneurship is an essential resource for everyone who has dreamed of starting a new business, for investors in start-ups, for policy makers attempting to facilitate the formation and survival of new businesses, and for researchers interested in the economic impact of entrepreneurial activity. Scott Shane offers research-based answers to these questions and many others:

· Why do people start businesses?

· What industries are popular for start-ups?

· How many jobs do new businesses create?

· How do entrepreneurs finance their start-ups?

· What makes some locations and some countries more entrepreneurial than others?

· What are the characteristics of the typical entrepreneur?

· How well does the typical start-up perform?

· What strategies contribute to the survival and profitability of new businesses over time?

The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By

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Product Details

Hardcover: 224 pages
Publisher: Yale University Press (January 28, 2008)
Language: English
ISBN-10: 0300113315
ISBN-13: 978-0300113310
Product Dimensions: 9.5 x 6.4 x 0.9 inches
Shipping Weight: 10.4 ounces
Average Customer Review: 4.1 out of 5 stars See all reviews (68 customer reviews)
Amazon Best Sellers Rank: #1,062,184 in Books (See Top 100 in Books)
- #1281 in Books > Business & Money > Small Business & Entrepreneurship > New Business Enterprises
- #7350 in Books > Business & Money > Small Business & Entrepreneurship > Entrepreneurship
- #13523 in Books > Reference > Writing, Research & Publishing Guides > Writing

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Customer Reviews

4.1 out of 5 stars

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4 star		6%
3 star		3%
2 star		9%
1 star		13%

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Top Customer Reviews

So Repetitive

ByCitidwelleron September 3, 2008

Format: Hardcover

This book is the perfect example of the folks whose communication style goes like this: they tell you what they are going to tell you, they tell you, and then they tell you what they told you! And just for good measure (or to fill up more pages) this guy adds a numerical list of what he told you! Since the hardcover version I have runs just 165 pages before endnotes, you have to wonder if this is really a business magazine article, stretched waaaayyyyy out.

From reading business and economic development literature, I have often seen a distinction made between lifestyle entrepreneurs and other entrepreneurs. Shane makes no such distinction and I think the statistics he uses to bust myths are highly questionable. Do we really think policy-making in this important area should conflate every attorney who hangs a shingle to do real estate closings or draft wills, with businesses that aspire to develop new products, technologies?

On the other hand, if you are reading this because you want to leave your law firm and open a solo practice, or sell baked goods prepared in your home (lifestyle entrepreneurs) this book could be quite useful.

11 comment 37 people found this helpful. Was this review helpful to you?YesNo

Not about "entrepreneurs" as the term is generally understood

Bylector aviduson December 8, 2009

Format: Hardcover

What disappointed me about this book is that it is not really about "entrepreneurs" as I and many other people understand the term, that of people who create businesses that are generally meant to employ others, but rather about the self-employed. Many of the self-employed, such as freelance writers, podiatrists, those working as consultants for tax-reasons, are not entrepreneurs in the same sense as Bill Gates, Michael Dell, or the founder of a restaurant near your home are. To my mind it's a bit of apples and oranges to lump these two widely disparate groups together, and then draw conclusions about them, and even worse, to push for policies that do not differentiate between these two groups.

Using this definition, which includes many people not working full-time, and many who cannot find full-time jobs, Shane arrives at conclusions such as that entrepreneurs earn less than than the industry average, that striving to work as an entrepreneur is generally unwise, and more. In my opinion Shane's conclusions do not "shatter myths," but merely reiterate what has long been known, thereby confusing his readers.

A more accurate, and less myth-making, title for this book would have been "Aggregate Data about the Self-Employed." Somewhat worryingly, this book lists "East Germany" as a "country" existing in 1999! Might there be other crass inaccuracies in it? I cannot recommend this book.

22 comments 30 people found this helpful. Was this review helpful to you?YesNo

Wrong From the First Page

ByTech Historianon January 16, 2011

Format: HardcoverVerified Purchase

Every once in awhile you encounter a book that is flawed from its fundamental premise - this is one of those books - it's wrong from page one.

Scott Shane confuses two different types of entrepreneurship; small business and scalable startups. A small business entrepreneur is someone who is self-employed trying to build and grow a profitable business that can feed his or her family. The U.S. has 5.7 million small businesses (under 500 employees) and over 50% of Americans work in them. The return on investing in these small businesses are low, so capital, if needed is raised from friends/family or traditional bank loans. Small businesses are the heart of Main Street USA.

In contrast, an entrepreneur building a scalable startup is not interested in feeding their family. From day one, their goal is to change the world. They're looking to grow their business to 100's of millions of dollars in revenue and dominate a market or industry. In doing so they need external capital and the size of their opportunity and potential return can attract venture capital. Scalable startups are not found on Main Street. They are concentrated in a few centers of innovation. Silicon Valley, New York, San Diego, Boston, etc.

While they both use the words innovation, startup and entrepreneur - these two groups have very little in common. Their purpose, market size, business model, capital requirements, team, growth rate, etc are radically different.

By combining small business and scalable startups into one category and then trying to analyze them, graph them, plot them, bust myths about them, etc. the author falls victim to the classic "comparing apples and oranges." (Given his work with the Kaufmann Foundation I'm surprised and disappointed.)

I now use this book in my university classes as a perfect example of what happens when you can't tell the difference between small business and scalable startups.

I'll charitably write it off as a book written by academic who's never gotten out of the building.

22 comments 25 people found this helpful. Was this review helpful to you?YesNo

Most Recent Customer Reviews

Everybody wanting to start a new business should read this book

Great analysis / overview of what "entrepreneurship" is really about in the USA.

Published 1 month ago by Tracy A. Williamson

Five Stars

Really enjoyed reading this book!

Published 1 year ago by UM15

Read the first few chapters

Interesting macro look at entrepreneurship. Felt long. The first few chapters were good, but felt the last few were just stretching out.

Published 1 year ago by Nicholas Foster

Four Stars

Good read that tempers zeal and puts into perspective the real challenges of new business.

Published 1 year ago by Shane

Very Good Book

I strongly recommend this book to anyone considering starting a business or heading into the entrepreneurial field. Lots of interesting studies.

Published on June 26, 2014 by Chad

The most realistic book about entrepreneurship

As an entrepreneur and a financial analyst, this book has made a stunning analysis of start-ups. It is simply a must-buy.Read more

Published on March 8, 2014 by Mazen A. Alyamani

For all persons looking to start their own business.

This is a great read and a must read for anyone wanting to start a business. Too often, people disillusioned with their jobs, assume that starting a business will solve their...Read more

Published on November 5, 2013 by Deborah L Hughes

Necessary Lessons to All Practitioners

I have found in my work that entrepreneurship is often seen as the salve to cure all ills. This work provides a very realistic counterpoint to the myths surrounding the subject.Read more

Published on March 28, 2013 by Ben Zaaiman

Already feels outdated as of March 2013

feels old. old data, old ideas. It needs to be refreshed to move itself out of the time when the internet did not make entrepreneurship a totally different game.Read more

Published on March 28, 2013 by Cai

great experience

I had a great experience ordering and receiving the book. Very educational and interesting for future entrepreneurs everywhere. I would recommend it to all.

Published on August 7, 2012 by Steven Abdelmalek

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The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By Hardcover – January 28, 2008

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