top myths of entrepreneurship
TRANSCRIPT
Unleash your inner entrepreneur
Top Myths of Entrepreneurship
www.mitlaunch.comLaurie Stach
Powered by:Strategic partner of:
@launchsummer
MIT Launch: Top Myths of Entrepreneurship
**Bold Claim**:Starting a Company Will Make You More Successful
I’ll come back to this one…
MIT alum success: 76%• 25,800 companies operating• (33,600 started)
https://entrepreneurship.mit.edu/sites/default/files/documents/Entrepreneurial_Impact_The_Role_of_MIT.pdf
Entrepreneurial Success – 4H
Why haven’t you done it yet?
I’m not: - a risk-taker- smart enough- born with “it”
I need: - the perfect idea- more experience- more time, resources, etc.- funding - $$$
I’m afraid to fail
**Bold Claim**:Starting a Company Will Make You More Successful
1: Incoming order randomized
Define Success
Most important to future success are…
SkillAverage
Resulting Rank1
Resiliency 4.9
Work ethic 5.1
Problem solving 5.55Communication skills 5.69Ability to identify opportunities 5.72Resourcefulness 6.51Adaptability / risk-taking 6.52Interpersonal skills 6.6Self-evaluation / confidence 6.63Focus / planning 6.67Technical skills (coding or building) 8.28Quantitative analysis 9.83
1: 184 students completed survey ranking dimensions from 1 to 12, where average rank is the average of the order of importance, the lower the number being higher in importance
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Resiliency 72% 36% 29% 31% 21% 29% 11%Work ethic 50% 67% 35% 34% 33% 33% 4%Problem solving 62% 51% 29% 36% 31% 16% 4%Communication skills 57% 38% 54% 16% 25% 35% 9%Ability to identify opportunities 68% 11% 32% 27% 31% 23% 10%Resourcefulness 66% 21% 36% 38% 27% 21% 5%Adaptability / risk-taking 77% 15% 21% 26% 20% 13% 11%Interpersonal skills 54% 33% 51% 9% 26% 38% 10%Self-evaluation / confidence 51% 27% 35% 38% 26% 39% 14%Focus / planning 51% 58% 38% 31% 21% 16% 3%Technical skills (coding or building) 38% 45% 13% 56% 21% 6% 7%Quantitative analysis 36% 69% 13% 26% 19% 5% 9%
1: 160 students completed survey and were able to answer more than one item per row, ~60% of respondents have had an internship / job experience
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Most entrepreneurs failbuild the skills important for success
Entrepreneurship is for risk-takersmitigators
Entrepreneurship is for risk-takersmitigators
Entrepreneurs are the smartest people in the room
Myth –entrepreneurs NEED to be:
• Charismatic leaders
• Creative
• High tech wizards
• Loners and introverts
• Ruthless and deceptive
Perception skewed by some outliers…
Actually…
• It takes all types! (not one mold)
• “Best” team mix: hacker, hustler, and designer
• Best leader: “level 5” –humble and determined
• Average founding team size: 2.4-3.3
Entrepreneurs are born… Entrepreneurship can’t be taught
• There’s not a gene:
• More than half are the first entrepreneur in their family
• Others – similar to any other major / career
• Education matters for entrepreneurs (don’t drop out):
• 95.1% have bachelors degrees
• 47% have advanced degrees
The idea is the most important part
• The “good” ideas have been thought of before
• But that’s not a bad thing!
#1: team#2: process
Gotta spend $$ to make $$!
MIT Alumni Company Funding Source
Services Mfg.
Depending on the source, average to start a company:
$10k - $30k
I need more… experiencetimesupport
I need more… experiencetimesupport
Entrepreneurship:
The pursuitof opportunitybeyond resources controlled
But…
The rate of foundings by younger entrepreneurs has declined since 1997…
What is MIT Launch?High school students come from all over the US and world to MIT campus each summer to become entrepreneurs in our 4-week program. Over half the companies are still operating a year later, due in large part to the rigor in the summer course materials, resources, and support students are provided.
School entrepreneurship clubs are being started at schools around the world, with teams becoming entrepreneurs and starting real companies. Already in our second year, over 100 schools are in our network, with finalist teams selected to come to MIT to pitch their businesses in the spring.
LaunchX is a new online course aimed at guiding first-time entrepreneurs through the steps of starting a company, helping to overcome the hurdles to making that first step to launching something new.
Summer
Clubs
Online
Unleash your inner entrepreneur
www.mitlaunch.com
MIT Launch – Entrepreneurs Created
Data analytics team:• Expanded to 9 people• $350k investment
“After Launch, I’ve realized that even as a high schooler, I’m
capable of doing so much and I will be able to achieve anything I set
my mind to.”
“an experience of unparalleled growth as an entrepreneur and also as a person”
“changed my life. In fact, it has inspired me to pursue a future in entrepreneurship and business”
Get started today
• Increases future success (regardless of career path)• Doesn’t require an entrepreneurial “gene”• Is about controlling risk• Team > idea
Entrepreneurship is:The pursuit of opportunity beyond resources controlled
Unleash your inner entrepreneur
Top Myths of Entrepreneurship
www.mitlaunch.comLaurie Stach
Powered by:Strategic partner of:
@launchsummer