"Nearly all of the company founders surveyed - 98 percent - ranked prior work experience as an important success factor, and 58 percent ranked it as extremely important." This seems obvious, but it's surprising (some might say alarming) how many people start businesses without any relevant prior experience. I have known people who were laid off from their jobs and felt forced into entrepreneurship and then failed because they had no models for success. That doesn't mean people with no applicable experience shouldn't become entrepreneurs.
Sunday, December 8, 2019
When it comes to research on entrepreneurship
When it comes to research on entrepreneurship, few organizations do more of it than the Kauffman Foundation. For a just-released study called Making a Successful Entrepreneur, Kauffman surveyed 549 company founders of successful businesses in high-growth industries to determine the factors that influence the success or failure of startups. The key success factors, it turns out, are "prior work experience, learning from previous successes and failures, a strong management team and good fortune." Let's look at the highlights one at a time.
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