12 Surprising Facts About Entrepreneurs

ghns
Why Your Business Idea Matters Less Than You Think
July 24, 2016

12 Surprising Facts About Entrepreneurs

Confident African American businessman stands at his workplace with his colleagues in the background

Confident African American businessman stands at his workplace with his colleagues in the background

A lot of people visualizes entrepreneurs as brash, young, risk taking, 23-hour working, college drop outs. And they may not be far off with most of these images. – but they got is wrong on many counts as demonstrated by a recent report from the Kauffman foundation for entrepreneurship titled “The Anatomy of an Entrepreneur” – a survey of 549 company founders across a variety of industries.

1. The average and median age of company founders when they started their current companies was 40.

2. 95.1 percent of respondents themselves had earned bachelor’s degrees, and 47 percent had more advanced degrees.

3. Less than 1 percent came from extremely rich or extremely poor backgrounds

4. 15.2% of founders had a sibling that previously started a business.

5. 69.9 percent of respondents indicated they were married when they launched their first business. An additional 5.2 percent were divorced, separated, or widowed.

6. 59.7 percent of respondents indicated they had at least one child when they launched their first business, and 43.5 percent had two or more children.

7. The majority of the entrepreneurs in the sample were serial entrepreneurs. The average number of businesses launched by respondents was approximately 2.3.

8. 74.8 percent indicated desire to build wealth as an important motivation in becoming an entrepreneur.

9. Only 4.5 percent said the inability to find traditional employment was an important factor in starting a business.

10. Entrepreneurs are usually better educated than their parents.

11. Entrepreneurship doesn’t always run in the family. More than half (51.9 percent) of respondents were the first in their families to launch a business.

12. The majority of respondents (75.4 percent) had worked as employees at other companies for more than six years before launching their own companies.

So re-imagine your mental image about what an entrepreneur looks like, and get started to that your dream now.

This article originally appeared in www.onstartups.com

Leave a Reply

Your email address will not be published. Required fields are marked *