Good to know – thanks Harvard!

Did you see the Harvard report on why some start-ups succeed while others fail?

One thing that I liked:

“All else equal, a venture-capital-backed entrepreneur who succeeds in a venture has a 30% chance of succeeding in his next venture. By contract, first-time entrepreneurs have only an 18% chance of succeeding”.

>>Cool – so we’ve got almost double the chances of success than a company with a first time entrepreneur.

Actually I can relate to this. Many of the things that took a lot of time, effort and mistakes first time around, are going to be much less time consuming this time around. Hiring would be one of those things…..capital raising would be another….industry contacts…..customer contacts…internal systems and processes – so many things that can be done faster.

The other big area for me is to learn by the mistakes. We’d all love to think that, because we built a highly successful company, it was all roses. But….quite the contrary. We (I) made lots of mistakes, lots of things that with hindsight I’d like to have done better and will definitely do so in the future.

Commitment, passion, adaptability to change are constants that everyone at a startup must have.

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