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Sep 29, 2009

Succeed or Fail in your next venture?


It's scientific!

Success or failure on an entrepreneurs next venture will depend on previous success of failure according to researchers at the Harvard Business School.

An entrepreneur that had a venture capital backed company that goes public has a 30% chance of success in their next venture. As opposed to entrepreneurs who previously failed have a 20% chance of success in their next venture and first time entrepreneurs have an 18% chance of success. do you like your odds? According to these Harvard Business School researchers, entrepreneurs don't really learn too much from having a failed business. It only increases their chance of success by 2%.

 

The researcher do state that the successful entrepreneurs may breed even more success due to their last venture. Previously successful entrepreneurs are more likely to attract suppliers, customers, labour, goods and services. According to the researchers

 

"For example, high-quality engineers or scientists may be more interested in joining a company started by an entrepreneur who previously started a company in a good industry and year if they believe (justifiably given the evidence) that this track record increases the likelihood of success."

 

Read the full report "Performance Persistence in Entrepreneurship"