Dec 1, 2009

Experience, Management and Luck are Key to Entrepreneurial Success

A new study Making of a Successful Enterpreneur provides insights into company owners' views about what influences the success or failure of a start up business.

Previous work experience, learning from previous successes and failures, a strong management team and good fortuen were all cited as important factors in success. Networks were also important to the success of 73% of the entrepreneurs. 
 
Only 11% of the first-time entrepreneurs received venture capital and 9 % received private/angel financing. Of the overall sample, 68% considered availability of financing as important.

In identifying barriers to success, the most commonly named factor by 98% of respondents - was lack of willingness or ability to take risks, followed closely by lack of time and effort required.  Over 73% faced family/financial pressures to keep a traditional, steady job.

Posted in: Business