CHICAGO, Sept. 21 /PRNewswire/ -- Only 13 out of every 100 new business owners will survive four years, earn over $25,000 and hire at least one employee – let alone become the next Donald Trump or Bill Gates. Yet the myths surrounding rugged individualism, meritocracy and rages-to-riches upward mobility persist, when the truth is that most would-be entrepreneurs and their most outspoken advocates are not knowledgeable about how business really works.
In his new book, Invisible Capital: How Unseen Forces Shape Entrepreneurial Opportunity, (Berrett-Koehler, September 2010) writer and native Chicagoan Chris Rabb dispels entrepreneurial fairytales to reveal the real factors that help or hinder a business—hidden assets that increase the chances of success when hard work, a great idea and a good attitude simply aren't enough.
"Some people have invisible capital based on the family, the body or the neighborhood they were born into," Rabb said. "Others who did not inherit these advantages acquire them through pursuing formal education, professional training, networking and building relevant work experiences despite the uneven playing field that is the business environment."
Rabb will be speaking and signing copies of his book in Chicago on September 27 at 6 p.m. at Columbia College, 1104 S. Wabash Ave., 8th floor, in the Film Row Cinema Auditorium.
In the book, he talks about how people can identify, grow and leverage their invisible capital and explains why starting a business with deep community roots increases the odds of success.
Rabb said entrepreneurs need to understand how invisible capital works, how it impacts them specifically, and how it can be leveraged in a way that is not at the expense of other people.
"Unfortunately, the same folks who need invisible capital the most are the ones who believe the mythologies the most."
Understanding invisible capital will enable more Americans to be better prepared to pursue entrepreneurship and level the playing field collectively towards the goal of building shared prosperity.
Chris Rabb is a writer, speaker and consultant on the intersection of entrepreneurship, media, civic engagement and social identity. He is a visiting researcher at the Woodrow Wilson School of Public and International Affairs at Princeton University.
SOURCE Chris Rabb