First of all, I am going to introduce the present American economic circumstance. The unemployment rate is under 5% now, and economic growth rate is 3% per year. Inflation is less than 2%. Furthermore, rising productivity in manufacturing is 4% per year. $ is strong. Dow Jones is weekly breaking record. Now, all kind of business is good. Small new businesses too. 99.7% of employers are in small business in the US. It represents 53% of labor force. Small companies creates 47% of revenue, 55% of all product, idea, service, 35% of government job, 20% of high technology, and 20% of employment.

1992-1996, 5 million jobs were created by small farms which 1-4 people work at. Farms which 500 people work at had created 11 million jobs. Source of credit for small companies are given 30.6% by banks and 32% by non banks. Majority of loan is $1 million to $3000 in The US, and 70% of them are borrowed by small companies.

Last 4 year, people become more interested in new businesses. A lot of part time entrepreneurs were born in this period. Number of them become50% more than before. There are 3 reasons. Firstly, large farms have begun downsizing, so small firms had a chance to start their business. Secondly, a lot of new farms are growing. Finally, new business people such as black people and women start business.

Venture business is the most common in information industry. The most growing area is internet. Now, 67 million people use internet in the US.

It is one-third of American population. More than 100 million people around the world use internet. In 1977, there are 1.5 million domain name servers. Internet has a big business chance. 3 companies made big profit by using internet. The preference company's sales was $1 million in 1996. In 1977, it was $3.7 over the internet. The book store sold$15million in 1996, and in 1997, they sold $140 million over the internet. Del computer sold $1 million per day over internet in January1997,and in December 1997, they sold $6 million per day.

Question is why this kind of business is happening in The US, even though it is not happening in other countries. The cause may be national culture. There are 4 facts. 1, individualism 2, in the US, people tend to be risk taker. 3, enthusiasm to person's own worth. 4, power distance. Other facts are politics, economy, low and so on. American low and politics are receptive to venture business. There is small business administration whose purpose is to help to start new business. Education

is also important. Many universities have program of entrepreneur ship. We have 18 different cause in this program.

Another aspect is that American people are forgiving to failure. It is ok to fail. There is a low of bankruptcy. Until 10 years late, failure rate was high. It is still high, but falls down recently. 34% of businesses fail because of lack of experience. 32% fail because of not physically and mentally able to manage business. Small business owners work about 70 hours per week. Other reasons are financial, termination and so on. 5.3% fail because of bankruptcy Termination is the biggest reason. This is normal. An owner quits the business or sells it to other company.

After 8 years 70% of all farms will be out of business. 72.5% of franchise will be too. However, small farms are only 30%. New venture business is successful by a lot of reasons , not only booming economy.

Question How does the US government encourage new venture business?

Federal government has small business administration, and guarantees the loan about $100 million. Small farms do not need to pay tax to state government. when they start business. Law also protects small company. Property which is owned by small company owner is protected by the low even though they fail. Manufacturing farm can be made with only $800.It is easy to start business in the US. It is economic growth. It is also easy to protect your idea, creativity, copyright in the US. Even though I am in Japan, it is easy to protect my idea by internet.

Question How many students start business in Nebraska university?

I would say 3 out of 4 think about it and 1 out of 5 would make it. It is typical in my school to think about it. 3000 students are majoring course in order to make new business. There are more entrepreneur in Nebraska than Harvard. Most Harvard graduates go to big companies. Nebraska graduates hope to make a new business and hire Harvard graduates.

Question What kind of courses are there in Nebraska?

Global conference on creative, international business plan competition, finding opportunity in internet, investment course and so on. In investment course, students use $500000. It is university's money. Students invest it and make decision. The second richest man in the US graduates from Nebraska university. He had invested as a student, and make fortune in university.

Question Japanese business men are] interested to get MBA. How do you use it on your work?

Differences between undergraduate and MBA are case study, practical aspect, corporation in class room. Most MBA courses require 5-6 business experience and bring it into a class room. We can see different way of looking because students have different experience. Importance is on problem solving, team work, analysis, international business. One fifth of students are from other countries. Japanese is in top 10. Chinese is no 1.

Question Despite the fact that saving late in The US is lower than Japan, why can the US grow?

I am not professional of macro economy, so it is my feeling. We work the hardest and the best in the world. Moreover, NAFTA provides good economic environment. Only NAFTA is growing presently. We think European union is uncertain because unemployment rate is high, system is different. They do not know competition and there are no preparation.