The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By by Scott A. Shane

Author:Scott A. Shane [Shane, Scott A.]
Language: eng
Format: epub
Tags: Business & Economics, Entrepreneurship, Development, Business Development
ISBN: 9780300158564
Google: clePgiDAoGQC
Amazon: 0300158564
Publisher: Yale University Press
Published: 2008-10-01T18:49:16+00:00

I could go on, but you are probably getting tired of my repeating the contradictions offered by the multitude of experts on what it takes to be a successful entrepreneur. Instead of offering another opinion, my own, I am going to do something simpler. I’m going to show you the data.

It Gets Easier Over Time

The most basic observation that researchers have found about the performance of start-ups can be summarized by the phrase “it gets easier over time.” A host of studies have shown that the longer a business has been operating, the greater the likelihood that it will continue to operate in the future.1 Looked at another way, the odds of your new business failing are highest when you first start and decline in relation to the length of time you have been in business.

And it isn’t just the chance of staying alive that increases over time. The data also show that the average start-up also becomes more profitable as it gets older.2 The first thing we know about being a successful as an entrepreneur is: if you can make it through the early years, your odds of success will go way up.

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