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To reminisce about my entrepreneurial career with appropriate self-importance, I might note that I have helped create companies and jobs. This contributes in a small way to economic growth. Economic growth is, however, an often illusive concept to characterize. Job growth is an essential component of a dynamic, innovative process. In the late 1970s jobs growth research suggested that the vast majority of new jobs are created by small business formation. Such empirical research is difficult to support with theoretical constructs. Classic macroeconomics analysis discounts size-offirm as irrelevant. Entrepreneurial contribution is therefore difficult to assess.

Some of the best entrepreneurs fail early and often. Less talented or less committed entrepreneurs do not even get a second chance. Failure and setbacks, however, can be instructive.What lessons can be learned from these experiences? How can the entrepreneur (and investors) navigate around the potholes on the New Venture Highway? Read on.