Among other things, prior work experience seems to be a key deciding factor. According to data gathered by accommodation booking agent Central London Apartments, 96 percent of successful entrepreneurs credited “prior work experience” for their success.
What Makes a Successful Entrepreneur?
Previous Experiences Pave the Way
But that’s not all. Approximately 75 percent of respondents had worked for someone else for at least six years before they carved out their own paths.
Forty percent said learning from previous failures was an extremely important factor when being an entrepreneur.
In other words, successful entrepreneurs ensure they understand the challenges involved in setting up their business before making the move. Moreover, they focus on learning from their past mistakes.
Education and Passion to Get Rich Keys to Achieving Entrepreneurial Success
Research further highlights the role of education in contributing to entrepreneurial success. About 95 percent of surveyed business founders had acquired at least a Bachelor’s degree.
Further in most cases, it was found that entrepreneurs had a higher level of education than their parents.
Apart from education, the ambition to become wealthy (74.8 percent) is a motivating factor for entrepreneurs to start their own businesses.
More Details on the Data
Central London Apartments compiled data from a study of 549 business founders by the Kauffman Foundation for Entrepreneurship.
For more information, check out the infographic created by Central London Apartments:
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