US new business starts are off 20% from their 1994 high, but the number of jobs created by small businesses continues to climb. People are moving between jobs rather than starting their own companies. That will continue, as both credit and venture capital are getting tighter. [Kimberly Weisul, BW Frontier, 10Jul00, F.8.]

"The State of the Incubator Marketspace" is a new report from the Harvard Business School Press, to be analyzed in the Sep/Oct00 issue of Harvard Business Review. . [NewsScan, 14Jul00.]

23% of US government contracts are set aside for small businesses, but only 3% of small businesses bid for the jobs. Maybe that's because it takes 250 pages to bid on a $150K opportunity. Once you get through the paperwork, though, government contracting can be lucrative, steady work -- and a good foundation for venture capital requests. You can get help with getting started, from SmallBusinessDepot.com or from the Small Business Administration, . [Christopher Woodard, BW Frontier, 10Jul00, F.10.]

In 1998, 36% of new US businesses were started by women. Even so, women have trouble getting loans, credit lines, or venture funding. Only 3% of US angel investors are women, and only 9.4% of VCs. The largest VC funds catering to women have assets of only $30M, compared with $217M for typical funds. Only nine VC firms (of 1,237) seek out women-owned companies. Even so, the gap is narrowing. Women are entering manufacturing fields and are learning to network, build strong business plans, and assemble strong management boards. Women's share of venture money rose from 1.5% in 1995 to almost 13% in 1Qtr00. [Kevin Ferguson, BW Frontier, 10Jul00, F.28.] (See the article for leads to woman-friendly funding sources.)

You generally can't sell stock to the public in order to start a business, but you can sell equity to friends and family (or to business angels). Estimate your company's total worth in three years by figuring your expected third-year earnings multiplied by a typical price-to-earnings ratio for your industry. Discount that to present value using your investors' expected annual rate of return to determine how much equity they get. For instance, 20% of a company that will be worth $3M can be sold for $150K to someone expecting 60% annual return on investment. [Karen E. Klein, BW Frontier, 10Jul00, F.10.]

The Stanford University Entrepreneurship Portal lists entrepreneurship events, courses, and resources on campus, plus people available to form management teams. . [BASES, 03Jan00.]

The J. of Business Venturing is a scholarly journal about entrepreneurship, new business development, industry evolution, and technology management. . [S. Venkataraman , newjour, 22Mar00.]

----- "Some of us have great runways already built for us. If you have one, take off! But if you don't have one, realize it is your responsibility to grab a shovel and build one for yourself and for those who will follow after you." -- Amelia Earhart. -----