Psychological studies have investigated how young people who went on to become entrepreneurs are different from their peers
In order to better understand entrepreneurship development, the German psychologist Eva Schmitt-Rodermund analyzed long-term data in a secondary investigation of the Terman Longitudinal Study. Her analysis was based on the Terman Study, which monitored 1,600 individuals in and around Berkeley, California, over a period of 60 years. The boys and girls, selected as children, all had IQs of 130 or more and were born in the years around 1910.
A further study in the United States compared 102 individuals who had seriously considered the idea of setting up a business with 208 entrepreneurs. The findings were interesting: Individuals classed as “nonstarts,” i.e. those who had not set up a business, were asked whether their mothers or fathers were entrepreneurs, and if they had other “entrepreneurial role models.
was based on in-depth interviews with 45 extremely wealthy Germans and found that although a majority of the study’s participants had benefited from high-quality school and university educations, in this respect they were no different from many of their peers. What’s more, their performance throughout their formal education tended to be average. There was no correlation between how well they did at school or university and the level of wealth they ultimately achieved.
There can be no doubt that these experiences shaped the young people who would later become entrepreneurs. They learned to organize, to sell, to think like entrepreneurs. They learned—often unconsciously—and acquired the implicit knowledge that is of such great importance for any entrepreneur or investor. And their early entrepreneurial experiences were the ideal preparation for setting up their own businesses later in life.
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