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Miami entrepreneurship

Page history last edited by PBworks 12 years, 4 months ago


An assessment was completed of the level and nature of efforts to create new businesses in South Florida in November 2004. One in eight adults appears to be involved in new firm creation. Some major findings included:


• About 330,000 are engaged in new firm creation.

• About 230,000 are involved in 156,000 start-up efforts and about 112,000 are involved

with 74,000 new firms.

• Men are twice as likely as women to become involved and participation is highest among

those 25-44 years of age.

• Blacks and Hispanics are about 50% more likely than Whites to become involved in the

firm start-up process. Combined with the higher proportion of Blacks and Hispanics

living in South Florida, particularly in Miami-Dade County, Blacks and Hispanics make

up a somewhat larger proportion of the entrepreneurial community than in North Florida

or the rest of the United States.

• While 80% of those involved in new firm creation are involved in taking advantage of a

business opportunity, about one in six, 16%, have no better opportunities for work. These

necessity entrepreneurs, who have no other way to participate in the economy, are more

prevalent among the Black residents of South Florida.

• Almost one in five (18%) of these new South Florida businesses are derived from an

existing family business and about one in four (25%) are owned by a team related by

marriage or blood. Family owned firms are more prevalent (29%) among Hispanic

compared to Whites (25%) in South Florida.




Entrepreneurial activity in South Florida is typical for the United States as a whole,  particularly for those living in large urban areas with diversified or service-oriented economies.  In addition, when the level of activity in South Florida is compared to other countries, the  relative position is comparable to that of the United States, with more than twice the activity of  European countries, such as Spain and Portugal, similar to some of the least active Latin  American Countries (such as Argentina and Brazil) and somewhat below more active Latin  American Countries (such as Chile, Mexico, Ecuador, Venezuela, and Peru).


Compared to North Florida and the rest of the United States, there are some unique  features of the start-up and new firms in South Florida.


• There is more optimism about growth; about 31% of start-ups and new firms in South

Florida expect to have 20 or more employees in five years, compared to 22% for North

Florida and 18% for the rest of the United States.

• Greater connection to international markets; 22% of start-ups and new firms in South

Florida expect 25% or more of their sales from exports, compared to 19% for North

Florida and 9% for the rest of the United States.

• South Florida appears to have a greater proportion in consumer-oriented sectors (retail,

restaurants, bars, repair, entertainment, health, education and social services) compared to

the rest of the United States; there is less of an emphasis in transformative sectors

(manufacturing, construction, transportation, and wholesale) and a much reduced

 presence in extractive sectors (farming, fishing, and mining).





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