Building the Better Entrepreneur
A research was conducted by Duke University in which 549 company founders were surveyed from the United States. The participants were born from different countries and this was the breakdown in distribution.
USA – 82.5%
India – 3.8%
UK – 1.7%
Canada – 1.3%
Germany – 1.0%
Other countries are Iran which was 0.8%, while Italy, China, Norway, Taiwan was 0.6%. Others were 6.7%. The research also revealed that the top 10% had excellent education, while the top 30% had average education while the bottom 30% had basic education.
With respect to job experience in the industry prior to starting their own businesses, about 25% of the candidates had at most 5 years of experience, about 28% had between 6 to 10 years of industry experience, while 23.3% had between 11 to 15 years of experience. Those who had up to 20 years of experience were 14.3% and about 10% had over 20 years of industry experience.
Here are some facts about their family lives.
• 4.2% of them are first born.
• 36.9 are from outside the middle class.
• 52% of them are the first to start a business in their family.
• 70% of them are married with 60% having at least one child.
What was the motivation behind them starting their own companies?
• 60% of them did not want to work for someone.
• 68% of them took opportunity of business ideas.
• 66.2% joined the start-up culture.
• 64% of them wanted to own a company while 75% of them wanted to build wealth.