Today we are debunking 7 most common myths on #entrepreneurship.
Myth 1: #Startup founders are rich 20-somethings in hoodies
The Fact: Average age of successful startup #founders is 45 – so stop stereotyping
Myth 2: There is no such thing as “older” #entrepreneur just starting out
The Fact: The probability of extreme startup success rises with age, at least until the late 50s. It was found that work experience plays an important role.
Myth 3: The younger you are the better chances to have a high growth start-up
The Fact: Ages 29 and younger were the smallest group of founders that are responsible for heading the highest-growth startups.
Myth 4: Founding with friends or family is a common and good practice
The Fact: In contrast to their greatest hopes when they co-found together, teams of friends or relatives are
the least stable of all types of founding teams, even less stable than teams of strangers/acquaintances. Within a founding team, each additional social (i.e., friend or family) relationship increases the likelihood of a co-founder leaving the team by almost 30 percent.
Myth 5: If you need money to start your #business the best is to pitch to Venture Capital (VC)
The Fact: Only 0.6% of businesses EVER raises VC. Out of this only 2% went to female founders. And we are talking US here, the rest of the world is even worse
Myth 6: Starting the company is only for “young people”
The Fact: The percentage of new #entrepreneurs over 45 is about 51% versus 48% for those under 45.
Myth 7: Baby Boomer generation and above is only looking to ensure how to successfully fund retirement
The Fact: The share of entrepreneurs age 55 to 64 has increased from 15% of new entrepreneurs in 1996 to 26% in 2016. Meanwhile, the share of new entrepreneurs age 20 to 34 has decreased from 34% in 1996 to 24% in 2016.
Which brings me to Ray A. Kroc, founder of McDonald's Corporation. Kroc was a 52-year-old milkshake machine salesman when he founded his McDonald's franchising enterprise.
How he exactly did it, you can read in his book (written by him): “Grinding it out: The Making of McDonald’s.
I will not do a book review here, as I urge you to read it, as it is quite insightful.
One teaser from the book:
“Press On: Nothing in the world can take the place of #persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent”
Notes: As per Harvard Business Review Research: The Average Age of a Successful Startup Founder Is 45; Kauffman Foundation Founders Dilemma, Kauffman Index of Entrepreneurship
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