The document outlines key ingredients for entrepreneurial success. It finds that entrepreneurs with professional experience are more likely to succeed, raising more money and seeing better growth. It also finds that having a business plan nearly doubles chances of success versus not having a plan. Certain personality traits like openness and agreeableness also correlate with entrepreneurial success, while narcissism and emotional instability can hinder it. The document concludes that mentors can help new businesses by providing guidance, as entrepreneurs who work with mentors are more likely to start successful businesses and hire employees.

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