Notes

Preface

1. Klancy Miller, “Overlooked No More: Georgia Gilmore Who Fed and Funded the Montgomery Bus Boycott,” New York Times, July 31, 2019.

Chapter 2

1. Marsha Kelly, “New Business Failure Percentage Rates—SBA Statistics,” Medium, February 24, 2018.

2. Black Enterprise, December 1997.

3. “Failure Rate of New Products Is 65%,” International Manufacturing Review, July 1, 1999.

4. Kevin J. Clancey and Peter C. Krieg, “Surviving Innovation,” Marketing Management, March/April 2003.

5. Hisrish and Brush survey, 1988.

6. Dun & Bradstreet, Crain’s Small Business, February 1997.

7. Darren Dahl, “Top Companies Started During a Recession,” HuffPost, August 11, 2011.

8. Del Jones, “Optimism About Economy Astounds Experts,” USA Today, March 24, 1998.

9. Steve Mariotti, The Young Entrepreneur’s Guide to Starting and Running a Business, New York Times Books, 2000.

10. Otis Port, “Starting Up Again—and Again and Again,” BusinessWeek, August 25, 1997.

11. New York Times, September 23, 1998.

12. Fast Company, February/March 1998.

13. Success, May 27, 1998.

14. Grace Reader, “Around 550,000 People Become Entrepreneurs Every Month,” Entrepreneur, August 4, 2016.

15. Harris Survey, 2002.

16. Robert A. Mamis, Inc., March 1997.

17. Jack Bishop Jr., PhD.

18. “Mapping the Entrepreneurial Psyche,” Inc., August 2007.

19. Junior Achievement Poll on Teens and Entrepreneurship, August 2006.

20. Dara Kerr, “Uber, Lyft, IPOs to Mint Next Batch of Bay Area Millionaires,” CNET, December 24, 2018.

21. “Has Microsoft created 3 billionaires and an estimated 12,000 millionaires?” Quora, January 18, 2019.

22. Paul Maidment, Forbes, September 27, 2005.

23. Roper Starch Worldwide, “Risk and Reward: A Study of the Company Builders Who Are Changing the Face of American Business,” Inc., 1997.

24. Harvard Business Review, November/December 1996.

25. James P. Cain, U.S. ambassador to Denmark, Speech to Børsen Executive Club, September 28, 2006.

26. Roper Starch Worldwide, “Risk and Reward.”

27. Council on Competitiveness, “Where America Stands: Entrepreneurship,” February 2007.

28. National Venture Capital Association, “Venture Capital, Without the Risk.”

29. Inc., March 1997.

30. Council on Competitiveness, “Where America Stands.”

31. Jerome Katz, “2004 Survey of Endowed Positions in Entrepreneurship and Related Fields in the United States,” SSRN Electronic Journal, 2004.

32. Donald Kuratko, “The Emergence of Entrepreneurship Education,” September 2005.

33. Jerome Katz, “List of Colleges with Majors in Entrepreneurship or Small Business,” Entrepreneurship Education Resources, Saint Louis University, 2018, https://sites.google.com/a/slu.edu/eweb/list-of-colleges-with-majors-in-entrepreneurship-or-small-business.

34. “Can Entrepreneurship Be Taught?” Fortune Small Business, March 10, 2006.

35. Ibid.

36. Ibid.

37. IT Industry Outlook 2020 Report, CompTIA, November 2019.

38. Kimberly Amadeo, “Silicon Valley, America’s Innovative Advantage,” The Balance, August 24, 2019.

39. Jeanne Dugan, “Portrait of an Entrepreneur,” BusinessWeek/Enterprise.

40. Grace Mirabella, “Beauty Queen: Estee Lauder,” Time, December 7, 1998.

41. Tom Stemberg, Staples for Success.

42. Morton I. Kamien, “Entrepreneurship: What Is It?” BusinessWeek Executive Briefing Service, 1994.

43. Paul Verrochi, “The Quotable Entrepreneur,” Inc., December 1998.

44. “The Secrets of Serial Success,” Wall Street Journal, August 20, 2007.

45. USA Today, April 23, 1997.

46. Inc., December 1998.

47. Business 2.0, April 2000.

48. Timothy Aeppel, “Losing Faith: Personnel Disorders Sap a Factory Owner of His Early Idealism,” Wall Street Journal, September 27, 1996.

49. Staples Survey.

50. KRC Research, MasterCard Global Small Business Survey, December 2006.

51. Anne Murphy, “Analysis of the 2000 Inc. 500,” Inc., September 2000.

52. Kenichi Ottmae, “Guru of Gadgets: Akio Morita,” Time, December 7, 1998.

53. Cognetics Consulting, October 17, 1997.

54. Ibid.

55. Ibid.

56. Ibid.

57. Ibid.

58. Ibid.

59. Norm Brodsky with Bo Burningham, “Necessary Losses,” Inc., December 1997.

60. Philip Elmer DeWitt, “Steve Jobs: Apple’s Anti-Gates,” Time, December 7, 1998.

61. Unless otherwise stated, small businesses are defined as firms with fewer than 500 employees.

62. “Owning the Airwaves,” Essence, October 1998.

63. Crain’s Chicago Business, January 24, 1994.

64. Janet Attard, “How Much Do Small Businesses Really Earn?” Business Know-How, September 26, 2018.

65. Nan Langowitz, “The Myths and Realities About Women Entrepreneurs,” Babson Alumni Magazine, Winter 2004; LA Times, June 2, 2001.

66. Jeff Jeffrey, “Minority-Owned Companies Driving Growth Among U.S. Businesses, Survey Says” Biz Journals, September 26, 2017.

67. John Greenwald, “Master of the Mainframe: Thomas Watson Jr.,” Time, December 7, 1998.

68. Franchise Economy, IFA, April 10, 2019.

69. Dunkin’ Donuts, “Company Snapshot,” Entrepreneur, April 2019.

70. Ibid.

71. Kerry Pipes, “History of Franchising: This Business Model Is an Original—and a Winner,” Franchising, March 25, 2007.

72. “Answers to the 21 Most Commonly Asked Questions About Franchising,” International Franchise Association, October 22, 2001.

73. Franchise Economy, IFA, April 10, 2019.

74. International Franchise Association, “Frequently Asked Questions About Franchising, Question 14.

75. Ibid.

76. Kristen Dunlop Godsey, “Market like Mad: How One Man Built a McDonald’s Franchise Empire,” Success, February 1997.

77. “Number of International and United States Starbucks Stores from 2005 to 2018,” Statista, 2018.

78. Sara Gilgore, “Radio One Changes Name to Reflect Identity as ‘multimedia entity’,” Biz Journals, November 4, 2016.

79. Duncan Maxwell Andersen and Michael Warshaw, with Mari-Alyssa Mulvihill, “The #1 Entrepreneur in America: Blockbuster Video’s Wayne Huizenga,” Success, March 1995.

80. Ibid.

81. “Wayne Huizenga,” video, University of Southern California.

82. Huizenga: Deceased, Forbes, March 6, 2018.

83. David Gelernter, “Software Strongman: Bill Gates,” Time, December 7, 1998.

84. Luisa Kroll and Kerry A. Dolan, “Billionaires: The Richest People in the World,” Forbes, March 5, 2019.

85. Microsoft Investor Relations, “Acquisition History,” Microsoft, August 2013.

86. Microsoft News Center, “Microsoft to Acquire Yammer,” June 25, 2012.

87. Microsoft Corporation Financial Statements, Yahoo! Finance, “Balance Sheet, Total Cash, Cash Equivalents, and Short-Term Investments.”

88. “Microsoft Completes GitHub Acquisition,” Microsoft Corporate Blogs, October 26, 2018.

89. “Top Entrepreneurs of 1999,” BusinessWeek, January 2000.

90. COACH, INC. Completes Acquisition of Kate Spade & Company, COACH INC. Press Release, July 11, 2017.

91. Terri Roberson, “The Partners Behind the Day Spa Explosion,” Today’s Chicago Woman, December 1998.

Chapter 3

1. Jamie Pratt, Financial Accounting, 2nd ed., Cincinnati, OH: South-Western Publishing Co., 1994.

2. Steve Eder and Megan Twohey, “Donald Trump Acknowledges Not Paying Federal Income Taxes for Years,” New York Times, October 10, 2016.

3. Kathleen Morris, “No Laughing Gas Matter—A Dental-Tech Startup May Have Hyped Its Numbers,” BusinessWeek, June 9, 1998.

4. Stanford Law School, Securities Class Action Clearinghouse.

5. Publication 334 (2018), Tax Guide for Small Business, IRS, January 2018.

6. Publication 538 (2019), Accounting Periods and Methods, IRS, January 2019.

7. Laurie Cohen and Andrew Martin, “Theater Plan Not Living Up to Billing,” Chicago Tribune, January 15, 1999.

Chapter 4

1. Jamie Pratt, Financial Accounting, 2nd ed., Cincinnati, OH: South-Western Publishing Co., 1994.

2. Brandon Gaille, “27 Jaw Dropping Employee Theft Statistics,” Brandon Gaille Small Business & Marketing Advice, May 25, 2017.

3. Chicago Tribune, July 25, 2000.

4. Ibid.

5. Ibid.

6. Ibid.

7. Hans Greimel, “Japan’s Plants Hum, But Hurdles Remain,” Automotive News, October 10, 2011.

8. Amazon, Inc.10-K Report, 2012.

9. “What’s Wrong with This Picture? Nothing!” Inc., June 2007.

10. Current US Inflation Rates: 2009–2019, US Inflation Center, May 2019.

11. Russell Scibetti, Interactive Analysis of Fan Cost Index, February 14, 2017.

12. “A Profit Gusher of Epic Proportions,” Fortune, April 15, 2007.

13. Eric Nee, “Defending the Desktop,” Forbes, December 28, 1998.

14. Richard Murphy, “Michael Dell,” Success.

15. John Anderson, “The Company That Grew Too Fast,” Inc., November 2005.

16. Howard Schultz, e-mail to senior Starbucks management, February 14, 2007.

17. CIT Commercial Services and Home Furnishing News, 2002 Customer Concentration Survey.

18. Boston Business Journal, June 18, 2004.

19. Boston Herald, June 12, 2007.

20. “Toyota Regains Worldwide Sales Crown,” Motor Trend, 2012.

21. Hoovers Online (Toyota, GM), 2012.

22. “In Praise of Third Place,” New Yorker, December 4, 2006.

23. Nintendo Co., Ltd. Income Statements, Hoovers Online, 2014.

24. Hermann Simon, Frank F. Bilstein, and Frank Luby, Manage for Profit, Not for Market Share: A Guide to Greater Profits in Highly Contested Markets, Harvard Business Press, 1996.

25. Hoovers Online, Industry Financials, 2013.

26. Bruce Horovitz, “Big Markups Drive Starbucks’ Growth,” USA Today, April 30, 1998.

27. Scott Woolley, “Greedy Bosses,” Forbes, August 24, 1998.

28. Mid-Atlantic Venture Partners, 1997.

29. Shawn Rea, “Buy the Book,” Black Enterprise, February 1999.

30. Rosemary Batt, Virginia Doellgast, Hyunji Kwon, “U.S. Call Center Industry Report 2004, National Benchmarking Report, Strategy, HR Practices & Performance,” School of Industrial and Labor Relations, Cornell University.

31. Sean Williams, “ The Cost to Obtain Health Insurance Through Your Employer Is Soaring—Here Are the Real Reasons Why,” The Motley Fool, November 2015.

32. Alex Gove, “Margin of Error,” Red Herring, February 1999.

33. John Butters, “S&P 500 Reporting Second Highest Net Profit Margin in 10 Years,” Insight, October 15, 2018.

34. Thor Valdmanis, “Cooking the Books, a Common Trick of the Trade,” USA Today, August 11, 1998.

35. “The Fall of Enron,” NPR, February 12, 2002.

36. “From Collapse to Convictions: A Timeline,” CBS News Online, October 23, 2006.

37. “The Fear of All Sums,” CFO, August 1, 2002.

Chapter 5

1. Jill Andresky Fraser, “Riding the Economic Rollercoaster,” Inc., December 1998.

2. Michael Fernandez, “My Big Mistake,” Inc., December 1998.

3. “Running on Empty,” Inc., August 1, 1994.

4. Ibid.

5. Fraser, “Riding the Economic Rollercoaster.”

6. Gini Graham Scott and John J. Harrison, Collection Techniques for a Small Business, Grants Pass, OR: Oasis Press, 1994.

7. U.K. Survey of Small Businesses, 2005.

8. Dr. Craig R. Everett, Pepperdine Private Capital Markets Project: Capital Markets Report: 2014.

9. Small Business Problems and Priorities, NFIB Research Foundation, August 2016.

10. Jill Andresky Fraser, “Getting Paid,” Inc., June 1990.

11. Ibid.

12. Wall Street Journal, October 25, 1999.

13. Euler Hermes North America Insurance Company homepage, Allianz USA.

14. Ibid.

15. Jill Andresky Fraser, “Collection: Days Saved, Thousands Earned,” Inc., November 1995.

16. Jay Goltz, The Street Smart Entrepreneur, Addicus Books, February 1, 1998.

17. Amazon 2012 10K.

18. Dell company financials as compiled by Hoovers, July 2007.

19. Skip Grandt, interview with author.

Chapter 6

1. Julie Schmidt, “Apple: To Be or Not to Be Operating System Is the Question,” USA Today, September 24, 1996.

2. Thomas G. Stemberg, Staples for Success: From Business Plan to Billion-Dollar Business in Just a Decade, Santa Monica, CA: Knowledge Exchange, 1996.

3. Ibid.

4. Ibid.

5. Chicago Tribune, April 7, 2007.

6. David Roeder, “Zell, Other Ex-Trib Bosses Settle Charges for $200 Million,” Chicago Sun Times, June 11, 2019.

7. Stemberg, “Staples for Success.”

8. Ibid.

9. Ibid.

10. “Total Private Equity Buyout Value Jumps 10 Percent to $582 Billion, Capping the Strongest Five-Year Run in the Industry’s History,” Bain & Company, February 25, 2019.

11. “Private Equity GPs Sitting on More Cash Than Ever,” Bain & Co. 10th annual Global Private Equity Report, March 7, 2019.

12. Forbes, July 27, 1998.

13. Stephanie Gruner, “The Trouble with Angels,” Inc., February 1, 1998.

14. Bill Sutter, classroom presentation at Kellogg School of Management, March 10, 1999.

15. Crain’s Chicago Business, May 5, 2008.

16. Jeanne Dugan, “Will Triarc Make Snapple Crackle?” BusinessWeek, April 28, 1997.

17. Chicago Sun-Times, July 7, 2008.

18. Thomas Kenny, “The Returns of Short, Intermediate, and Long Term Bonds,” The Balance, February 4, 2019.

19. Dow Jones Industrial Average Fact Sheet.

20. Current S&P 500 PE Ratio: 19.37 + 0.03 (0.13%), October 28, 2010, Mean: 15.50.

21. Census databases.

22. Pawn Industry Statistics, National Pawnbrokers Association, February 2018.

23. Newsletter of Corporate Renewal, February 14, 2000.

24. Tim Jones, “Rich Harvests in Television’s Killing Fields,” Chicago Tribune, October 22, 1995.

25. Brian Edwards and Mary Ann Sabo, “A Grim Tale,” Chicago Tribune, October 29, 1999.

26. Ibid.

27. EBITDA Multiples by Industry: Funeral Services, Equidam, 2018.

28. Crain’s Chicago Business, September 27, 1999.

29. Forbes, July 27, 1998.

30. “Jubak’s Journal: Putting a Price on the Future,” Forbes.

31. Ibid.

32. Robert McGough, “No Earnings? No Problem! Price-Sales Ratio Use Rises,” Wall Street Journal, November 26, 1999.

33. S&P MidCap 400 Index - Total Return Historical - 1991 - USD Chart Builder” Market cap/Total Revenues, 1/1/1995–12/31/2013.

34. Matt Krantz, “Web Site Revenue May Not Be Cash,” USA Today, September 9, 1999.

35. Matt Krantz, “Vague Rules Let Net Firms Inflate Revenue,” USA Today, November 22, 1999.

Chapter 7

1. Chicago Sun-Times, April 4, 1996.

2. Business Philadelphia magazine, November 1996.

3. Global Entrepreneurship Monitor, “2006 Financing Report.”

4. Sammy Adbullah, “How Many Rounds of Funding Do Companies Raise Before Exiting?” Crunch Base, January 17, 2019.

5. Statistic Brain, “Startup Business Failure Rate by Industry,” September 2013.

6. Starbucks Company history, Hoovers, 2013.

7. Sammy Abdullah, “The Story of Benchmark, the Greatest VC ever,” Medium, April 11, 2018.

8. New Yorker, August 11, 1997.

9. Pepperdine University, Center for Applied Research, Private Capital Markets Project, 2018.

10. Global Entrepreneurship Monitor, 2012 United States Report.

11. Larry Kim, “5 Things to Know About Venture Capital’s Recent Record-Breaking Growth,” Inc., February 12, 2019.

12. NVCA Yearbook 2013.

13. Pepperdine University, Center for Applied Research, Private Capital Markets Project, 2014.

Chapter 8

1. Time, January 13, 1997.

2. “Microsoft Cash and ST Investments,” Yahoo! Finance, 2013.

3. Noah Kulwin, “Airbnb Just Raised $1 Billion in Debt Financing Because It Can,” VOX, June 15, 2016.

4. “Small Business Lending in the United States 2016,” U.S. Small Business Administration.

5. Pepperdine Private Capital Markets Survey, 2012.

6. Global Entrepreneurship Monitor, United States Report, 2012.

7. E&J Gallo Winery Company Profile, Hoovers, July 2016.

8. Andrew J. Sherman, “Raising Money in Tough Times: An Entrepreneur’s Guide to Bootstrapping,” January 1, 2003.

9. “FAQs for Angels & Entrepreneurs,” Angel Capital Association, 2019.

10. Ewing Marion Kauffman Foundation, “Business Angel Investing Groups Growing in North America,” October 2002.

11. Angel Resource Institute, “Angel Capital Association,” 2018.

12. Crain’s Chicago Business, November 6, 1996.

13. Steven Lawrence, “Doing Good with Foundation Assets,” Foundation Center, 2010.

14. Ibid.

15. Jennifer Tingley, “Program-Related Investments Can Boost the Impact of Foundation Dollars,” CLA Connect, July 11, 2018.

16. Small Business Resource Guide Summer National Edition, U.S. Small Business Administration, 2019.

17. Milken Institute, Los Angeles Economy Project, Section 6, October 2005.

18. Ibid.

19. SBA Loan Report as of May 2019, sba.gov.

20. Small Business Administration, “SBA Lending Statistics for Major Programs,” October 22, 2013.

21. Andrew Wang, “SBA Loans: What You Need to Know,” March 26, 2019.

22. National Association of Government Guaranteed Lenders, “SBA Statistics.”

23. Small Business Administration, “General Small Business Loans: 7(a).”

24. Small Business Administration, “SBA Loan Programs: Microloan Program,” January 2014.

25. Small Business Administration, “Banking and SME Financing in the United States,” June 2006.

26. Federal Reserve Bank of New York, “The Credit Process: A Guide for Small Business Owners.”

27. Entrepreneur, “Bank-Term Loans.”

28. “The State of Small-Business Funding,” Entrepreneur, July 2006.

29. “How Small Firms Can Weather a Credit Crunch,” Wall Street Journal, August 7, 2007.

30. Department of the Treasury, “CDFI Fund FY2012 Report,” 2012.

31. Nation’s Business, July 1996.

32. Inc., June 1987.

33. Crain’s Chicago Business, December 1996.

34. Maureen Farrell, “Banking 2.0: New Capital Connections for Entrepreneurs,” Forbes, February 2008.

35. Knowledge @ Wharton, “Peer-to-Peer Lending: Ready to Grow, Despite a Few Red Flags,” January 8, 2014.

36. Ibid.

37. The International Factoring Report Annual Review 2018.

38. “Fast Money,” Wall Street Journal, August 20, 2007.

39. Black Enterprise, July 1999.

40. Forbes, December 28, 1998.

41. Black Enterprise, March 1998.

42. Chicago Sun-Times, July 17, 2001.

43. Crain’s Chicago Business, March 13, 2000.

44. Samuel Stebbins, “Where Credit Card Debt Is the Worst in the US: States with the Highest Average Balances,” USA Today, March 2019.

45. Jesse Bricker, Arthur B. Kennickell, Kevin B. Moore, and John Sabelhaus, “Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances,” Federal Reserve Bulletin, June 2012.

46. Eva Norlyk Smith, “Mailed Credit Card Offers Jump 36 Percent,” Credit Card Guide, 2013.

47. Doug and Polly White, “10 Ways to Fund Your Small Business,” Entrepreneur, February 9, 2016.

48. Donna Borak, “Fed Files Appeal on Court’s Interchange Ruling,” American Banker, October 21, 2013.

Chapter 9

1. The Top 25 Managers—The Top Entrepreneurs, BusinessWeek, January 7, 2001.

2. Pepperdine University, Center for Applied Research, Private Capital Markets Project, 2013.

3. Ibid.

4. Will Schmidt, “9 of the Hottest AngelList and Silicon Valley Angel Investors,” Tech Cocktail San Francisco, August 22, 2013.

5. Forbes ASAP, June 1, 1998.

6. Ebony Bowden, “The US Has More Millionaires Than Greece Has People,” New York Post, March 14, 2019.

7. Forbes, January 10, 2000.

8. Jeffrey Sohl, “The Angel Market in 2018: More Angels Investing in More Deals at Lower Valuations,” Center for Venture Research, May 9, 2019.

9. “The Angel Market in 2018: More Angels Investing in More Deals at Lower Valuations,” Center for Venture Research at University of New Hampshire, 2018.

10. Inc., July 1997.

11. Crain’s Chicago Business, March 9, 1999.

12. Angel Capital Association, FAQs About Angel Investors, 2018.

13. Buyouts, February 8, 1999.

14. Private Equity Analyst, August 1999.

15. Ibid.

16. Ibid.

17. The Global Corporate Venture Capital Report, CBINSIGHTS, 2018.

18. Teddy Himler, “Corporate VC Is on the Rise: Here’s What to Know,” Forbes, February 14, 2017.

19. Fast Company, February 1998.

20. Alejandro Cremades, “How Long It Takes to Raise Capital for a Startup,” Forbes, January 3, 2019.

21. Ari Levy, “Here’s Who Is Getting Rich from Slack’s Stock Market Debut,” USA Today, June 20, 2019.

22. Javier Espinoza, “Private Equity Funds Active in Market Reach All-Time High,” Financial Times, April 25, 2018.

23. NVCA Yearbook 2013.

24. Industry Statistics Year-End 2018, Emerging Markets Private Capital Fundraising and Investment, EMPEA, 2018.

25. Ibid.

26. Ibid.

27. SBA Small Business Investment Company Program, Congressional Research Service, April 4, 2019.

28. Small Business Administration, “Early Stage FAQs,” 2013.

29. Small Business Administration, www.sba.gov.

30. SBA Small Business Investment Company Program, Congressional Research Service, July 24, 2019.

31. Directorship magazine, Fall 1998.

32. The Economist, May 3, 2001.

33. Fast Company, January 2000.

34. Edward Chancellor, Devil Take the Hindmost: A History of Financial Speculation, New York: Farrar, Straus, Giroux, 1999.

35. Boston Globe, February 21, 2001.

36. USA Today, June 22, 2000.

37. USA Today, December 23, 1999.

38. Time, September 27, 1999.

39. NYSE Euronext, U.S. Listing Standards.

40. Total Market Cap, NYSE, 2018.

41. Ryan Vlastelica, “U.S. Stock Trading Volume Hit a Three-Year Low in 2017 amid Near-Absent Volatility,” Market Watch, December 22, 2017.

42. Chicago Sun-Times, September 3, 2000.

43. Dow Jones Industrial Average Fact Sheet, September 2013.

44. Prime Interest Rate History, February 4, 2014.

45. Prime Rate History, Wall Street Journal, 2018.

46. Wall Street Journal, April 6, 2001.

47. Jacob Sonenshine, “Amazon’s Jeff Bezos Announces He and His Wife Are Getting Divorced,” The Street, January 9, 2019.

48. James Arkebauer and Ron Schultz, The Entrepreneur’s Guide to Going Public, Dover, NH: Upstart, 1994.

49. “Bill Ford Nearly Doubles Stake in Ford Supervoting Shares,” Automotive News, June 26, 2013.

50. Arkebauer, Entrepreneur’s Guide.

51. Inc., February 1998.

52. Success, January 1999.

53. Inc., December 1996.

54. Essence, May 1998.

55. USA Today, April 29, 1997.

Chapter 10

1. Jeff Jeffrey, “Minority-Owned Companies Driving Growth Among U.S. Businesses, Survey Says,” Biz Journals, September 26, 2017.

2. Minority Business Ownership, Data from the 2012 Survey of Business Owners.

3. Ibid.

4. Meredith Wood, “Finding the Best Small Business Loans for Women,” Fundera, July 22, 2019.

5. Report on SBLF Participants’ Small Business Lending Growth, Small Business Lending Fund, January 2018.

6. Business Consortium Fund, Inc., February 11, 2014.

7. Ibid.

8. “Year to Date SBA Business Loan Approval Activity, Fiscal Years 2010, 2011, and 2012,” period ending September 30, 2012.

9. Website Report, sba.gov, May 31, 2019.

10. Anna Serino, “Accion Business Microloans Review,” Finder, March 2, 2019.

11. Intuit Quickbooks Financing, February 2014.

12. Biz2Credit February 2014.

13. Actual details of the lending results are private to Intuit and Hinkle. Given information is based on an interview with Hinkle in October 2013.

14. “Diverse and Minority Private Equity Firms Outperform General Industry,” National Association of Investment Companies, October 1, 2012.

15. About Us, National Association of Investment Companies.

16. Steven S. Rogers, Stanley Onuoha, and Kayin Barclay, Sources of Capital for Black Entrepreneurs (Harvard Business Publishing, 2019).

17. 2019 Women-Owned Business Study, Biz2Credit, March 7, 2019.

18. Rohit Arora, “The Lending Gap Narrows for Women Business Owners, But It’s Still 31% Less Than for Men,” CNBC, March 7, 2019.

19. Wells Fargo, press release, May 2, 2006.

20. National Association of Women Business Owners Newsletters, 2019.

21. National Foundation for Women Business Owners, October 17, 1996.

22. Key4Women, “Helping Business Women Meet Their Financial Goals Since 2005,” Key Bank, 2019.

23. Mary Ellen Iskenderian, “Women’s World Banking Honors Citi for its Commitment to Global Financial Inclusion,” CitiGroup, May 7, 2019.

24. The State of Women-Owned Businesses Report, American Express, 2017.

25. USA Today, August 14, 2001.

26. Alicia Robb, “Access to Capital Among Young Firms, Minority-Owned Firms, Women-Owned Firms, and High-tech Firms,” SBA Office of Advocacy, April 2013.

27. “Women Entrepreneurs in the Equity Capital Markets: The New Frontier,” National Foundation for Women Business Owners, 2000.

28. Chicago Sun-Times, March 24, 1999.

Chapter 12

1. Gary Emmon, “Up from the Ashes: The Life and Thought of Joseph Schumpeter,” Harvard Business School Alumni Bulletin, June 2007.

2. Robert C. Wolcott and Michael J. Lippitz, “The Four Models of Corporate Entrepreneurship,” MIT Sloan Management Review, Fall 2007.

3. Adam Lashinsky, “Chaos by Design,” Fortune, October 2, 2006.

Chapter 13

1. “Let’s Fix David Henneberry’s Boat (That Got Ruined in the Boston Bomber’s Standoff)!,” Crowdtilt, September 2013.

2. Spike Lee, “The Newest Hottest Spike Lee Joint,” Kickstarter, September 2013.

3. DopeKicks—The 1st waterproof hemp shoes, Kickstarter, 2019.

4. Kathleen Davis, “4 Famous Crowdfunding Fails” Entrepreneur, October 24, 2013.

5. Student campaign: “Revelo LIFEbike: The Compact Ebike That Can Make a BIG Difference”

6. Brian Allen, “Interview: Hunter Hillenmeyer Talks OverDog, Kickstarter and Gaming with Pro Athletes,” Technology Tell, September 2013.

7. Congress.gov, September 2013.

8. Prosper home page, 2019.