As business owners, we're all very aware that the odds are against long-term success. But having a business fail doesn’t condemn you to a life of unrealized dreams. New research shows that previous failures in entrepreneurship improve the odds of success for future ventures.
Yonkwook Paik, a fellow at the Kauffman Foundation, recently completed a study for his PhD at Stanford University that analyzes the impact of early business failure on future success. Paik analyzes the long-term success of first-time founders—novices, as he calls them—and serial entrepreneurs, those who have started previous companies that may or may not have failed.
The results show that the experience of starting a company and trying to build it, even if that process ends in failures, provides skills, experience and relationships that significantly improve the odds of success the next time around. So if things aren’t going well now, rest assured that you’ll have a better chance of success with your next company.
Read the full article at Growthology.
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