The document discusses a study published in the Academy of Management Journal that examined strategies for successful start-ups. The study found that hybrid start-ups, which are gradually launched part-time, were less likely to fail long-term compared to start-ups launched full-time. This may be because hybrid start-ups mitigate risk and allow for longer preparation. The findings contrast stereotypes of entrepreneurs taking big risks and instead support a more risk-tolerant approach of gradually building a business over time.