Good fortune identified as one of most important factors to entrepreneurial success
When it comes to starting a small business, there are many factors involved in success. Financing, a strong management team, education and work experience, and support networks are all seen as important small business resources. But according to a new survey, one crucial ingredient to small business growth is luck.
The Ewing Marion Kauffman Foundation survey, titled Making of a Successful Entrepreneur, found that nearly three-quarters of entrepreneurs surveyed - 73 percent - believe luck was an important factor in their success. Another 22 percent ranked luck as extremely important.
Good fortune was found to be more important than university education at 70 percent, availability of financing or capital at 68 percent, personal networks at 63 percent, alumni networks at 29 percent, and regional assistance at 14 percent.
Ranked equally as important as luck - or more important - to entrepreneurial success were professional networks at 73 percent, learning from failures at 78 percent, learning from successes at 88 percent, and a good management team at 82 percent.
The survey was released as part of the Kauffman Foundation's Global Entrepreneurship Week, held from November 16 to 22.
