Secrets of entrepreneurial success revealed by Harvard

Posted by Unknown on 13:50 in , ,
In a recent paper, Performance Persistence in Entrepreneurship, Paul Gompers, Anna Kovner, Josh Lerner and David Scharfstein reveal some of the secrets of entrepreneurial success.
Here are the main findings:
  • Serial entrepreneurs are more likely to be successful in their next startup. A venture-capital-backed successful entrepreneur has a 30% chance of succeeding in his next venture. Entrepreneurs who failed before have a 20% chance, while first-time entrepreneurs have only an 18% chance of succeeding.
  • An entrepreneur who has previously received VC funding and has failed in his venture is more likely to get more funding in the future from the same VC firm, while those who succeed will be less likely to receive new funds from the same VC firm.
  • Market timing ability is an attribute of successful entrepreneurs.
  • Most entrepreneurs get their ideas from former employers. "A substantial fraction of the Inc. 500 got their idea for their new company while working at their prior employer."
  • Serial entrepreneurs are able to get funding faster than first-time entrepreneurs.
  • First-time entrepreneurs receive an higher initial valuation.

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Don’t design jobs for employees you wish you had, design jobs for employees you actually have

Posted by Unknown on 11:53 in ,
  • The ability to deliver great customer service is influenced by how the organization is run, but also by how it is designed. As they easily put it: "Don’t design jobs for employees you wish you had, design jobs for employees you actually have."
  • This is a simple but yet powerful concept because most people come up with complex ways to improve customer service that unfortunately will never be working because they were not designed with the actual organization in mind. They will work only on paper.

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