Studies find traits among entrepreneurs, including troubled teenhood
A better sex life is just one of the benefits that can come from becoming an entrepreneur, finds a recent survey. And another new study finds that entrepreneurs earn more than their salaried counterparts.
In the first survey, 14 per cent of 1,300 small office and home office business owners reported having more sex after becoming entrepreneurs.
Other lifestyle improvements: 46 per cent said they had more time to spend with friends and family, 37 per cent are sleeping better and 46 per cent said the main reason they went into business for themselves was to do what they love.
And what is it they love? For 61 per cent, it’s creating their own schedule; 56 per cent enjoy being their own boss; and 41 per cent like not having to commute to work, found the survey of users of its products done by PlanetSoho, a provider of online management tools and services for small and home-based businesses. It also found that two-thirds considered their business a success in under two years.
The other study, carried out by two professors, found common traits among successful entrepreneurs, including earning an average of 50 per cent more than their salaried counterparts working in the same industry and with the same education, contradicting other research that has found entrepreneurship doesn't pay, according to a release.
Some of the common characteristics that “turn out to be accurate predictors of entrepreneurial success” go back to when they were teenagers, said the release about the study, which looked at longitudinal data of more than 12,000 men and women.
Among them: the entrepreneurs had high IQs, came from stable families, had parents earning higher than average salaries, and they showed greater self-esteem, the release said.
But they also “exhibited aggressive behaviour and got in trouble as teenagers,” said one of the researchers, Ross Levine, a professor at the Haas School of Business at the University of California at Berkeley, in the release about the study, which he carried out with Yona Rubinstein of the London School of Economics and Political Science.
“This is the person who wasn’t afraid to break the rules, take things by force or even be involved in minor drugs.”
The study found that after those troubled years, they went on to become high-earning salaried workers, then started businesses where they tended to earn 70 per cent more than they had as salaried workers.
Here’s a link to the full paper.
For one entrepreneur’s personal take on the sex and entrepreneurship connection, check out this piece in Inc.
U.S. online fashion retailer tries to crowdfund its way into Canada
San Francisco-based online-only fashion retailer Everlane is testing the waters for expansion north by trying to crowdfund its way into Canada.
The firm, which sells luxury clothing at a discount, has launched its own platform to try to raise $100,000 of pre-orders and store credits and gauge interest in its offerings among Canadians. It’s offering rewards ranging from custom products to free shipping to store credits to trips to its California offices.
“So many retailers enter new markets with little to no knowledge of whether there’s excitement there. This seemed like a unique way to do something exciting for those who join early, while testing demand,” said Everlane founder Michael Preysman in a release.
As of this writing, the firm was more than halfway there, with more than 770 contributors having helped it raise more than $52,000. It’s set a March 21 deadline.
KEY EVENTS AND DATES
Down in the Valley
Applications are now open for the next “48 Hours in the Valley” mentorship program run by The C100. Twice a year, it takes 20 promising Canadian startups to Silicon Valley for a couple of days packed with workshops, mentoring, meetings with investors and other networking. Applications for the next trip, taking place from June 10 to June 12, are open until March 28 at midnight. For more information, click here.
Aboriginal business day workshop and awards
The Toronto Aboriginal Business Association will host an aboriginal business day workshop and its 11th annual awards, including recognizing the aboriginal businessman, businesswoman and young entrepreneur of the year, on March 13 in Toronto. For more information, click here.
Startup Weekend Kitchener-Waterloo
The 54-hour business creation frenzy known as Startup Weekend heads to Kitchener-Waterloo from April 5 to April 7.
EDITOR’S PICKS FROM REPORT ON SMALL BUSINESS
'We’re engineers, not marketers,' says firm in need of sales strategy
This week’s Challenge: Sparta Engineering has grown exponentially on work brought in by its own engineers and existing contacts. But ‘we’ve got as big as we’re going to get from word of mouth,’ says a founding partner.
FROM THE ROSB ARCHIVES
Role reversal: Helping parents out through trusts
Trusts have been seen as a way for business owners to give money to their children. Now more are using them to help their parents out, recounted this story, published in June, 2011.
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