“A unique combination of breaking rules and being smart will help you become an entrepreneur.”
According to a recent research by economists Ross Levine and Yona Rubinstein, at the National Bureau of Economic Research: “Smart, rule-abiding teenagers are less likely to become successful entrepreneurs than equally intelligent teens who engage in illicit activities.”
Here are a few findings from the research:
– Self-employed workers and entrepreneurs were more likely to engage in illicit and risky activities as youth than were salaried workers. These behaviors include but aren’t limited to shoplifting, marijuana use, playing hooky at school, drug dealing and assault.
– The self-employed workers exhibited greater self-esteem, scored higher on learning aptitude tests and were more likely to come from high-earning, two-parent families than other employment types.
– Self-employed workers who have incorporated their businesses show the intent to start a new, profitable venture and are therefore more representative of entrepreneurship than those who haven’t incorporated their businesses.
– Such self-employed workers with risk-taking tendencies in combination with high self-esteem make successful entrepreneurs but are sometimes prone to dangerous lapses in judgment.
– The research also shows that individuals who left their salaried jobs to start their businesses, worked more hours and also earn more per hour than other employment types.
– Last but not the least, growing student loan burdens has been killing startup dreams for many young people. So people try to stick to salaried jobs to pay off their loans, but sometimes it gets too late to venture into self-employment.
At the end, the research suggests that entrepreneurship pays off. It gives more self satisfaction and is more rewarding & encouraging for personal growth. Being an entrepreneur is not an easy task and does not happen overnight. It involves continues learning, innovation, the right know-how and the ability to take risks.