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#1. Entrepreneurship is a young persons game; most first-time entrepreneurs are either in college or right out of it
FALSE In fact, the average age of a first-time entrepreneur starting a technology business is 39! And since this is an average, that means that just as many start-up founders are older as are younger.
Source: Wadhwa, Freeman and Rissing, Education and Tech Entrepreneurship, Report of the Kauffman Foundation, May 2008
#2. Successful entrepreneurs are those who come up with the most creative, original ideas for their businesses
FALSE It depends on what you mean by creative and original. According to some studies, anywhere from 70% - 90% of the ideas for a new business come from an entrepreneurs previous employment or existing business contacts. In other words, the more experience you get working for someone else, the more likely you are to come up with an idea for a new business.
Source: Prof. Ikhlaq Sidhu, Center for Entrepreneurship and Technology, University of California, Berkeley
#4. Most successful entrepreneurs especially in hightech companies have Ph.Ds in science
FALSE 6% of U.S. born tech company founders have a high school diploma or less 2% have an associates degree, some college, or a certification 44% have a bachelors degree 30% have a masters 4% have an MD 4% have a JD Only 10% of high-tech company founders have a Ph.D!
Source: Wadhwa, Freeman and Rissing, Education and Tech Entrepreneurship, Report of the Kauffman Foundation, May 2008
#9: Entrepreneurs are happier than those who work for other people TRUE But! It depends upon what measure you are looking at Remember, entrepreneurs work more hours than those working for someone else And, they tend to make less money And, most new businesses fail That said, self-employed people report HIGHER job satisfaction dramatically higher 62.5% versus 45.9% Why? Autonomy, flexibility, greater impact and greater control.
Source: Scott Shane, The Illusions of Entrepreneurship, Yale University Press