Key ingredients for entrepreneurial success

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Key ingredients for entrepreneurial success

  1. 1. The Recipe for Success: Key ingredients for today’s entrepreneurs Presented by SCORE.org 1: Professional Experience Entrepreneurs with a track record of success more likely to succeed. A seasoned entrepreneur is likely to: 2.5x 3.6x 52% Raise more money See better user growth Less likely to scale prematurely 2: Sufficient Bread... and a Plan = Business Plan = No Business Plan Companies with a plan see nearly 2x the success! Grow Business 43% 64% Secure Capital Secure Loan 18% 43% 36% 64% 3:The Secret Sauce: Personality! Openness, Fluid Intelligence, and agreeableness are traits of successful entrepreneurs. What bad habits spoil the soup? Excuse-making, Predatory Aggressiveness, Deceitfulness, Emotional Instability and ? Narcissism ? Mentors are the “T Chefs” that op help new businesses! Entrepreneurs that work with Mentors are... 3x to more likely start a business 7x to more likely 3.5xto more likely raise investment grow demand money for their product 84% are still in business after 1-2 year And more likely to thrive and hire, too! in association with zipcar.com/business. 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-successfor-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

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