The rise of the entrepreneurial class is an observable economic phenomenon. Whether because of a lingering recession, the explosion of technological innovation, or the hacking philosophy gone mainstream, many of you may find yourselves at a financial crossroads: to startup or not to startup.
You’re aware of the success stories. You know the names of half a dozen Y Combinator startups and the biographies of at least a couple of Peter Thiel’s wiz-kids. But you also know why you’ve hesitated turning that crazy social networking meets GIS meets public bathrooms idea into a reality: 82% of first time entrepreneurs fail.
Minute MBA brought to you by OnlineMBA.com invites you to release some of that self-doubt by participating in a short rhetorical quiz. Watch the video and gauge the ergs or ounces of your entrepreneurial ambition against four statistical truths of entrepreneurs. And remember that when less than 1% of entrepreneurs come from extremely rich or extremely poor backgrounds, innovation is a demographic that's made not born.
You started young.
As a child you didn’t just have a lemonade stand, you had a lemonade franchise 42% of entrepreneurs launched their first business in childhood. Studies show that the earlier an entrepreneur starts their first business, the more likely they’ll find success. Kids are born entrepreneurs having traded in their newspaper routes and baseball cards for developing mobile apps: like fourteen year old Robert Nay’s Bubble Ball which has over 9.1 million downloads…that’s a lot of milk money.
You’re a gambler.
Living at risk is jumping off a cliff and building your wings on the way down. 7 in 10 entrepreneurs feel that taking risks is more important to success than avoiding mistakes. 77% of people use their own money or family assets. Of course the only guarantee you have when jumping off a cliff is that the ground is eager to meet you. Which means…
You’re probably a failure.
First time entrepreneurs can expect to fail 82% of the time 2 out of 10 say they have at least one maxed-out credit card. But though the virtual promise of crushing debt may seem like a big deal, the fact is…
You’re not in it for the money.
Even though entrepreneurs on average make at least 25% more than the general population, two-thirds claim "innate drive" as the number one motivator in starting their business.