yes, but still my point is there are important ex ante differences between small firms.. most "small biz" don't have+
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the characteristics that almost all high growth firms are found to have after the fact.
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def, most small firms stay small--what sort of characteristics do high-growth firms have?
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well great majority of small biz are highly derivative business models (e.g., local pizza shop, tax services,etc)
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that plus skills/experience of founders and capitalization. lots of high growth oriented firms still fail, but+
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those without those sorts of characteristics very rarely achieve high growth.
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right--for those sorts of derivative small biz, you want proliferation of them, not growth of any particular one
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that is, you want lots of pizza shops in your city, mostly independent, rather than one pizza chain dominating
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in London best pizza is from proto-chains (eg Franco Manca, Pizza Pilgrims). One-off places near-universally shit
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in Amherst when I was in college, there were a few independent pizza shops, all one-offs. Quality varied a lot...
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...but the best one, Antonio's, went on to become a small chain, with branches in nearby towns & Eastern MA
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Obviously, it needed to succeed as a one-off first, even tho most one-offs don't do this
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the more successful one-offs tend to be more "ethnic" in my experience--cooking what they know, focus on food, etc
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End of conversation
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