Unleash your inner entrepreneur @launchsummer Strategic partner of: Top Myths of Entrepreneurship www.mitlaunch.com Laurie Stach Powered by:
MIT Launch: Top Myths of Entrepreneurship
**Bold Claim**: Starting a Company Will Make You More Successful I ll come back to this one
MIT alum success: 76% 25,800 companies operating (33,600 started) https://entrepreneurship.mit.edu/sites/default/files/documents/entrepreneurial_impact_the_role_of_mit.pdf
Entrepreneurial Success 4H
I m not: - a risk-taker - smart enough - born with it I m afraid to fail Why haven t you done it yet? I need: - the perfect idea - more experience - more time, resources, etc. - funding - $$$
**Bold Claim**: Starting a Company Will Make You More Successful
1: Incoming order randomized Define Success
Most important Most important to future success are Skill Average Resulting Rank 1 Resiliency 4.9 Work ethic 5.1 Problem solving 5.55 Communication skills 5.69 Ability to identify opportunities 5.72 Resourcefulness 6.51 Adaptability / risk-taking 6.52 Interpersonal skills 6.6 Self-evaluation / confidence 6.63 Focus / planning 6.67 Technical skills (coding or building) 8.28 Quantitative analysis 9.83 1: 184 students completed survey ranking dimensions from 1 to 12, where average rank is the average of the order of importance, the lower the number being higher in importance
Sources of skill development
Most important Starting a Company School Classes Organized Clubs Self-Guided Learning Internship / Job Experience Family Other Resiliency 72% 36% 29% 31% 21% 29% 11% Work ethic 50% 67% 35% 34% 33% 33% 4% Problem solving 62% 51% 29% 36% 31% 16% 4% Communication skills 57% 38% 54% 16% 25% 35% 9% Ability to identify opportunities 68% 11% 32% 27% 31% 23% 10% Resourcefulness 66% 21% 36% 38% 27% 21% 5% Adaptability / risk-taking 77% 15% 21% 26% 20% 13% 11% Interpersonal skills 54% 33% 51% 9% 26% 38% 10% Self-evaluation / confidence 51% 27% 35% 38% 26% 39% 14% Focus / planning 51% 58% 38% 31% 21% 16% 3% Technical skills (coding or building) 38% 45% 13% 56% 21% 6% 7% Quantitative analysis 36% 69% 13% 26% 19% 5% 9% 1: 160 students completed survey and were able to answer more than one item per row, ~60% of respondents have had an internship / job experience
Most entrepreneurs fail build the skills important for success
Entrepreneurship is for risk-takers mitigators
Entrepreneurship is for risk-takers mitigators
Entrepreneurs are the smartest people in the room Myth entrepreneurs NEED to be: Charismatic leaders Creative High tech wizards Loners and introverts Ruthless and deceptive Perception skewed by some outliers Actually It takes all types! (not one mold) Best team mix: hacker, hustler, and designer Best leader: level 5 humble and determined Average founding team size: 2.4-3.3
Entrepreneurs are born Entrepreneurship can t be taught There s not a gene: More than half are the first entrepreneur in their family Others similar to any other major / career Education matters for entrepreneurs (don t drop out): 95.1% have bachelors degrees 47% have advanced degrees
The idea is the most important part #1: team #2: process The good ideas have been thought of before But that s not a bad thing!
Gotta spend $$ to make $$! MIT Alumni Company Funding Source Depending on the source, average to start a company: $10k - $30k Services Mfg.
I need more experience time support
I need more experience time support Entrepreneurship: The pursuit of opportunity beyond resources controlled
But The rate of foundings by younger entrepreneurs has declined since 1997
What is MIT Launch? Summer Clubs Online High school students come from all over the US and world to MIT campus each summer to become entrepreneurs in our 4-week program. Over half the companies are still operating a year later, due in large part to the rigor in the summer course materials, resources, and support students are provided. School entrepreneurship clubs are being started at schools around the world, with teams becoming entrepreneurs and starting real companies. Already in our second year, over 100 schools are in our network, with finalist teams selected to come to MIT to pitch their businesses in the spring. LaunchX is a new online course aimed at guiding first-time entrepreneurs through the steps of starting a company, helping to overcome the hurdles to making that first step to launching something new. Unleash your inner entrepreneur www.mitlaunch.com
MIT Launch Entrepreneurs Created Data analytics team: Expanded to 9 people $350k investment After Launch, I ve realized that even as a high schooler, I m capable of doing so much and I will be able to achieve anything I set my mind to. an experience of unparalleled growth as an entrepreneur and also as a person changed my life. In fact, it has inspired me to pursue a future in entrepreneurship and business
https://www.youtube.com/watch?v=svlrbd18r70
Get started today Increases future success (regardless of career path) Doesn t require an entrepreneurial gene Is about controlling risk Team > idea Entrepreneurship is: The pursuit of opportunity beyond resources controlled
Unleash your inner entrepreneur @launchsummer Strategic partner of: Top Myths of Entrepreneurship www.mitlaunch.com Laurie Stach Powered by: