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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:
The Fact:
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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About V.S. Radeljich (Vee) She is a highly successful entrepreneur, corporate executive and management consultant, with more than 25 years of professional experience cultivated at the global scene. Now, she is bringing her expertise to you.
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