Inbox: What makes successful entrepreneurs?

High-impact entrepreneurs usually start their companies when they are between 26 and 45 years old and they are likely to work in partnerships.
These are among the findings of new report released by Ernst & Young entitled “2011 High-impact entrepreneurship global report”, which provides insights into the characteristics of high-growth, high-impact entrepreneurs. The report is based on survey of more than 800,000 people in 60 countries worldwide of whom over 70,000 were entrepreneurs.
Maria Pinelli, global vice-chair strategic growth markets for Ernst & Young, says as group entrepreneurs represent the best hope of creating sustained economic growth around the world as they are big employers of people. However, the report shows that although there is really important pool of entrepreneurs, only three out of 1000 respondents have founded businesses that achieve an average 20 percent or more estimated growth.
“To replicate this group of ‘super entrepreneurs’ there needs to be the right social culture and educational system from the beginning of their development to equip them with the right skills and behaviours to build sustainable, globally focused high growth companies,” says Pinelli.
In terms of their attitudes, the survey shows high-growth entrepreneurs have little fear of failure and are among the most likely individuals to start business because they perceive that there is an opportunity to be grasped. In addition, once these entrepreneurs become successful, they are the most likely to start funding other ventures as angel investors.
The director of Endeavor’s Center for High-Impact Entrepreneurship, Rhett Morris, says high-growth entrepreneurs can buck the trend and deliver sustained growth in all economic circumstances.
“Entrepreneurs create jobs and fuel economic activity. However, the most common barrier to future growth is the lack of funding. It is amazing to me that this group of business leaders are not supported and acknowledged for the critical role they play in creating societal benefits. They clearly need more support and attention in fiscal and government policy. They can lead economic recovery.” M