PT - JOURNAL ARTICLE AU - Elisabeth J. Teal AU - Charles W. Hofer TI - The Determinants of New Venture Success AID - 10.3905/jpe.2003.38 DP - 2003 Aug 31 TA - The Journal of Private Equity PG - 38--51 VI - 6 IP - 4 4099 - https://pm-research.com/content/6/4/38.short 4100 - https://pm-research.com/content/6/4/38.full AB - New ventures are an important part of a healthy economy (Birch [1979]; Birley [1986]; Cooper Willard, and Woo [1986]). They are vital to the U.S. economy, with most of the net new jobs created by new ventures (Birch [1979]; Timmons [1994]). The formation of new ventures in the United States is increasing (U.S. Small Business Administration [1986]). However, the failure rate of new ventures is substantial, with the majority of the ventures failing prior to their third year (Ibrahim and Goodwin [1986]).