The EDA Center | at the University of Minnesota  
Research Publications

Listed below are various publications from the EDA Center at the University of Minnesota, Crookston. Publications listed come from projects EDA Center faculty and staff have completed, works published in magazines/journals and technical assistance requests. Technical assistance requests are typically planning, research or technical projects that have a direct or indirect impact on job creation, business development or capital investment. All requests are reviewed by EDA Center staff, as well as the EDA Center Advisory Board; and those requests selected comprise our annual work plan. For more information regarding the EDA Center's RFA process click here.

 

Publications
Successful Businesses in Rural Minnesota: Lessons Learned
Completed September 2012
Local EDA/Organization: University of Minnesota, Crookston EDA Center
EDA Center Faculty/Staff: Eyad Youssef, Ph.D. Jack Geller, Ph.D. Ken Myers Denis Maier, Ph.D.
Project Description: One aspect of starting a new business is the potential for failure after a few years. How many new businesses will survive depends upon who you ask. However, the Bureau of Labor Statistics data show that 49% of new businesses survive 5 years and 34% survive 10 years. One question stands out when discussing which businesses will survive: What factors relate to new business success (especially in rural areas)? The purpose of the study was to identify successful “second-stage” businesses across rural Minnesota and understand what has led to their success. By gathering information from these businesses, they looked for common traits among them that likely contributed to their success. To accomplish this goal, they worked with various Regional Development Commissions across rural Minnesota to identify businesses that were at least 5 years old, but no older than 15 years. They then collected data from 62 of the 70 or so businesses identified. In this report, they identify 6 factors that may be key components to the success of new businesses.
EDA Center Involvement:
Download Report (1993KB PDF)

This document was prepared by the University of Minnesota, Crookston under award number 06-66-05709 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions, and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.

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