@launchsummer

Unleash your inner entrepreneur

Top Myths of Entrepreneurship

Strategic partner of: Powered by:
www.mitlaunch.com
Laurie Stach
MIT Launch:
Top Myths of Entrepreneurship
**Bold Claim**:
Starting a Company Will Make You
More Successful
I’ll come back to this one…
 MIT alum success: 76%
• 25,800 companies operating
• (33,600 started)

https://entrepreneurship.mit.edu/sites/default/files/documents/Entrepreneurial_Impact_The_Role_of_MIT.pdf
Entrepreneurial Success – 4H
 I’m not: - a risk-taker
- smart enough
- born with “it” I’m afraid to fail

Why haven’t you done it yet?

I need: - the perfect idea

- more experience
- more time, resources, etc.
- funding - $$$
**Bold Claim**:
Starting a Company Will Make You
More Successful
 Define Success

1: Incoming order randomized

 Most important to future success are…
Average
Skill Resulting Rank1
Resiliency 4.9
5.1
Most
important

Work ethic
Problem solving 5.55
Communication skills 5.69
Ability to identify opportunities 5.72
Resourcefulness 6.51
Adaptability / risk-taking 6.52
Interpersonal skills 6.6
Self-evaluation / confidence 6.63
Focus / planning 6.67
Technical skills (coding or building) 8.28
Quantitative analysis 9.83

1: 184 students completed survey ranking dimensions from 1 to 12, where average rank is the average of the order of importance, the lower the number being higher in importance
Sources of skill development
 Organized Clubs

Internship / Job
School Classes

Self-Guided

Experience
Starting a
Company

Learning

Family

Other
Resiliency 72% 36% 29% 31% 21% 29% 11%
Work ethic 50% 67% 35% 34% 33% 33% 4%
Most
important

Problem solving 62% 51% 29% 36% 31% 16% 4%

Communication skills 57% 38% 54% 16% 25% 35% 9%
Ability to identify opportunities 68% 11% 32% 27% 31% 23% 10%
Resourcefulness 66% 21% 36% 38% 27% 21% 5%
Adaptability / risk-taking 77% 15% 21% 26% 20% 13% 11%
Interpersonal skills 54% 33% 51% 9% 26% 38% 10%
Self-evaluation / confidence 51% 27% 35% 38% 26% 39% 14%
Focus / planning 51% 58% 38% 31% 21% 16% 3%
Technical skills (coding or building) 38% 45% 13% 56% 21% 6% 7%
Quantitative analysis 36% 69% 13% 26% 19% 5% 9%

1: 160 students completed survey and were able to answer more than one item per row, ~60% of respondents have had an internship / job experience
Most entrepreneurs fail
build the skills important for success
Entrepreneurship is for risk-takers
mitigators
Entrepreneurship is for risk-takers
mitigators
Entrepreneurs are the smartest
people in the room
Myth – entrepreneurs NEED to be:
• Charismatic leaders
Actually…
• Creative
• It takes all types! (not one mold)
• High tech wizards
• “Best” team mix: hacker, hustler, and
• Loners and introverts designer
• Ruthless and deceptive • Best leader: “level 5” – humble and
Perception skewed by some outliers… determined
• Average founding team size: 2.4-3.3
Entrepreneurs are born…
Entrepreneurship can’t be taught

• There’s not a gene:

• More than half are the first entrepreneur in their family
• Others – similar to any other major / career

• Education matters for entrepreneurs (don’t drop out):

• 95.1% have bachelors degrees
• 47% have advanced degrees
The idea is the most important part
#1: team
#2: process

• The “good” ideas have been

thought of before
• But that’s not a bad thing!
Gotta spend $$ to make $$!
MIT Alumni Company Funding Source Depending on the source,
average to start a company:
$10k - $30k

Services Mfg.
I need more… experience
time
support
I need more… experience
time
support

Entrepreneurship:

The pursuit
of opportunity
beyond resources controlled
But…

The rate of foundings by

younger entrepreneurs has
declined since 1997… 
What is MIT Launch?
High school students come from all over the US and world to MIT campus each
summer to become entrepreneurs in our 4-week program. Over half the companies
Summer are still operating a year later, due in large part to the rigor in the summer course
materials, resources, and support students are provided.

School entrepreneurship clubs are being started at schools around the world, with
teams becoming entrepreneurs and starting real companies. Already in our second
Clubs year, over 100 schools are in our network, with finalist teams selected to come to
MIT to pitch their businesses in the spring.

LaunchX is a new online course aimed at guiding first-time entrepreneurs through

the steps of starting a company, helping to overcome the hurdles to making that
Online first step to launching something new.

Unleash your inner entrepreneur

www.mitlaunch.com
MIT Launch – Entrepreneurs Created
Data analytics team:
• Expanded to 9 people
• $350k investment

“After Launch, I’ve realized that

even as a high schooler, I’m
capable of doing so much and I will
be able to achieve anything I set
my mind to.”

“an experience of unparalleled growth as an entrepreneur and also as a person”

“changed my life. In fact, it has inspired me to pursue a future in entrepreneurship and business”
https://www.youtube.com/watch?v=SVLrbD18R70
Get started today
• Increases future success (regardless of career path)
• Doesn’t require an entrepreneurial “gene”
• Is about controlling risk
• Team > idea

Entrepreneurship is:
The pursuit
of opportunity
beyond resources controlled
 @launchsummer

Unleash your inner entrepreneur

Top Myths of Entrepreneurship

Strategic partner of: Powered by:
www.mitlaunch.com
Laurie Stach