The Anatomy of an Entrepreneur

There’s been a bit of buzz in entrepreneurial communities about a recently released study released from The Kauffman Foundation titled, “The Anatomy of an Entrepreneur.” It’s available here. It’s worth the read. Entrepreneurs of all shapes and sizes will identify with some of the statistics, and find some quite surprising. It’s a decent report from which my own take-aways were the following:

74.8 percent of respondents indicated desire to build wealth as an important motivation in becoming an entrepreneur.

66.2 percent said the appeal of a startup culture was an important motivation.

Definition of founder: We allowed company executives to tell us if they were a founder. The guidelines we provided for defining a “founder” was “an early employee, who typically joined the company in its first year, before the company developed its products and perfected its business model.”

Age: The average and median age of company founders in our sample when they started their current company was forty.

Company founders tend to be well-educated Company founders in the industries we researched tend to be well-educated. More than 95.1 percent hold bachelor’s degrees or higher. A higher percentage of respondents had just bachelor’s degrees (48 percent) than advanced degrees (47 percent), however.

Among respondents, 36.9 percent described themselves as lower-middle class, and 21.8 percent described themselves as upperlower class.

Further, the results indicate that extreme poverty is a significant barrier to
entrepreneurship.

There are some great charts and graphs in the report too. I urge you to check it out but do not let this deter you from becoming an entrepreneur! These are statistics, nothing more.