We all marvel at the innovation and creativity of young entrepreneurs. Some people seem to be born with the entrepreneurial spirit - destined for careers of purpose and accomplishment.
Two renowned institutions decided to study the development of entrepreneurs and the qualities that spur their drive. The Institute for Applied Research in Youth Development at Tufts University and the Stanford Center on Adolescence jointly developed a longitudinal study to identify the "cognitive, motivational, behavioral and ecological" characteristics of adolescents and young adults who display entrepreneurial purpose.
The Young Entrepreneurs Study (YES) was in part funded by the John Templeton Foundation.
If YES could identify the attributes of entrepreneurship and determine if those attributes were inherited or could be taught, the findings might have profound impacts on teachers, parents, employers and even on individuals themselves who wanted to prepare themselves for entrepreneurial careers.
Beginning in June 2011 YES tracked over 4,000 participants between the ages of 18 and 24 for three years. The group represented a wide range of ethnic groups; 60 percent were females and 40 percent males; 16 percent were foreign born and 84 percent were U.S. born.
There were four areas where young people who were engaged in entrepreneurial activities exhibited markedly different traits. They were twice as likely to have"business sense" - always on the lookout for investment opportunities and understanding the tax implications of financial decisions. Many had started a business on their own as children mowing lawns or shoveling snow in the neighborhood.
Perseverance and initiative were also important. Whether it was organizing others around a cause, reworking businesses plans until the winning model was developed, or overcoming challenges, once the goal was established setbacks didn't stop them.
Over 76 percent of those identified as aspiring entrepreneurs demonstrated innovative thinking skills. They found new ways to do things rather than follow the beaten path.
The other major difference was in the availability of mentors and role models - 45 percent of the aspiring entrepreneurs had a family history or someone close who had started a business.
Entrepreneurship comes with high risk and high reward. Having these skills doesn't guarantee financial success. However, for those who want to chase the golden ring, it can mean a lifetime of fulfillment.
Equally important, the researchers determined that these are skills can be learned. Parents, teachers, friends and family can encourage young people to start businesses, become financially aware, spend time with entrepreneurial adults, and above all try, try again.
No comments:
Post a Comment