Key ingredients for entrepreneurial success
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Transcript of Key ingredients for entrepreneurial success
SOURCES:• Founder Institute Study: http://fi.co• http://www.forbes.com/sites/kateharrison/2013/02/28/predictors-of-entrepreneurial-success-are-not-what-you-expect/• Harvard Peer Review Paper - Performance Persistence in Entrepreneurship:
http://www.hbs.edu/faculty/Publication%20Files/09-028.pdf• http://blogs.hbr.org/cs/2013/04/the_much-needed_skills_most_en.htmp• http://www.thegrindstone.com/2012/05/08/mentors/confidence-plus-a-mentor-equals-entrepreneurial-success-
for-women-468/• The Start-up Genome Project: http://blog.startupcompass.co/• http://timberry.bplans.com/2010/06/real-data-on-the-success-of-business-planning.html• MicroMentor Business Outcomes Survey: http://www.micromentor.org/mentor/impact
Presented by SCORE.org
in association with
zipcar.com/business.
The Recipe for Success:Key ingredients for today’s entrepreneurs
1: Professional Experience
Raise moremoney
Entrepreneurs with a track record of success morelikely to succeed. A seasoned entrepreneur is likely to:
2.5x
See betteruser growth
3.6xLess likely to
scale prematurely
52%
2: Sufficient Bread... and a Plan
Companies with a plan see nearly 2x the success!
Grow Business Secure Capital Secure Loan
= Business Plan = No Business Plan
43% 64% 18% 36% 43% 64%
Openness, Fluid Intelligence, and agreeablenessare traits of successful entrepreneurs. What bad habits spoil the soup?Excuse-making, Predatory Aggressiveness,Deceitfulness, Emotional Instability andNarcissism
3: The Secret Sauce: Personality!
? ?
Mentors are the“Top Chefs” thathelp new businesses!
7xmore likely to
raise investmentmoney
3.5xmore likely togrow demand
for their product
3xmore likely to
start a business
84%are still in business
after 1-2 year
Entrepreneurs that work with Mentors are...
And more likely to thrive and hire, too!