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Unlike its sister fields of accounting, marketing, finance, organizational behavior and strategic management, entrepreneurship is rather poorly explained by academics. Scott Shane resolves this by considering the nexus of enterprising individuals and valuable opportunities and by using that nexus to understand the processes of discovery and exploitation of opportunities, the acquisition of resources, entrepreneurial strategy and the organizing process.  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Scott Shane, a leading expert in entrepreneurial activity in the United States and other countries, draws on the data from extensive research to provide accurate, useful information about who becomes an entrepreneur and why, how businesses are started, which factors lead to success, and which predict a likely failure. \"The Illusions of Entrepreneurship\" is an essential resource for everyone who has dreamed of starting a new business, for investors in start-ups, for policy makers attempting to facilitate the formation and survival of new businesses, and for researchers interested in the economic impact of entrepreneurial activity. Scott Shane offers research-based answers to these questions and many others: Why do people start businesses? What industries are popular for start-ups? How many jobs do new businesses create? How do entrepreneurs finance their start-ups? What makes some locations and some countries more entrepreneurial than others? 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This is the first book to provide a methodology for finding those extraordinary opportunities. Shane shows how to identify market opportunities and competitor weaknesses, evaluate customer needs, manage risk and uncertainty, predict product adoption and diffusion, structure your organization, and protect intellectual property. You'll learn how to take into account crucial issues such as network externalities, and the emergence of dominant designs and technical standards. Unlike other books on entrepreneurship, this one offers solutions specifically targeted at high tech startups. 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This outsider fills the gap between the venture capitalist and the professional investor, swooping in with cash and expertise to bring dreams to fruition.    Unfortunately, Shane observes, this figure bears no relationship to reality. In Fool's Gold, he draws on hard data from the Federal Reserve and other sources to paint the first reliable group portrait of the lionized angel investors. Surprisingly, he finds that they are fewer, contribute less, and involve themselves in fewer start-ups than the conventional wisdom suggests. Most angels typically still have their day jobs, make investments of $10,000 or less, and take little or no role in assisting entrepreneurs build their companies. Few of the companies they put money into arrive at IPOs, let alone massive returns. But angels can play a critical role, he writes, if the fantasy is abandoned by all concerned. 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