%0 Journal Article %A Elisabeth J. Teal %A Charles W. Hofer %T The Determinants of New Venture Success %B Strategy, Industry Structure, and the Founding Entrepreneurial Team %D 2003 %R 10.3905/jpe.2003.38 %J The Journal of Private Equity %P 38-51 %V 6 %N 4 %X 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]). %U https://jpe.pm-research.com/content/iijpriveq/6/4/38.full.pdf