Source of data: Making of a Successful Entrepreneur survey by Kauffman Foundation

 

 

 

Entrepreneurship Barriers: Lack of willingness to take risk Kauffman foundation survey

 

Entrepreneurship: Keys To Success of High-growth Startups Kauffman Foundation survey

For a study called Making a Successful Entrepreneur, the Kauffman Foundation surveyed 549 company founders of successful businesses across a variety of high-growth industries to determine the factors that influence the success or failure of startups. Below are the key success factors.

  • Stick with the business area you know. Nearly all of the company founders surveyed - 98% - ranked prior work experience as an important success factor, and 58% ranked it as extremely important.

  • Commit to your business sufficient time and effort. 93% of successful entrepreneurs felt from their own experience that the work and time challenges were a major barrier to business success.

  • Be willing to take a big risk. Entrepreneurship is a risky endeavor. When asked what may prevent others from starting their own business or from seizing great market opportunities, the highest ranked factor by 98% was lack of willingness or ability to take risks.

  • Learn from both successes and failures. Successful founders treat all experiences as learning opportunities. 88% attributed their success to prior successes; 78% attributed success to prior failures.

8 Key Entrepreneurial Questions

  • Build a strong management team. In looking back on their success, 82% of the founders attributed their success to strength of the management team.

  • Build and harness your networks. Professional networks were deemed important in the success of 73% of the founders. 62% of the respondents felt the same way about their personal networks.

  • First-time entrepreneurs usually fund their own venture. 70% said they had to use personal savings as a main source for their first business.

 

 

 

Entreprneurial Success: VENTUREPRENEUR (Ten3 Mini-course)