First, off, having a entrepreneur act as your mentor increases your chance of becoming an entrepreneur. This study showed that many students who were randomly assigned mentors who were entrepreneurs had between a 30% and 300% greater chance to become founders themselves. 2/5 pic.twitter.com/HQYA6HTQL4
— Ethan Mollick (@emollick) July 30, 2019
First, off, having a entrepreneur act as your mentor increases your chance of becoming an entrepreneur. This study showed that many students who were randomly assigned mentors who were entrepreneurs had between a 30% and 300% greater chance to become founders themselves. 2/5 pic.twitter.com/HQYA6HTQL4
— Ethan Mollick (@emollick) July 30, 2019
A major form of advice comes from your peers. If you don't have a peer network – you should! This interesting study in China randomly assigned some founders to meet in groups with other founders for a year. Those who did had 8% higher revenue! 3/5 https://t.co/J3e1NOLLnO pic.twitter.com/elx6ncwZTp
— Ethan Mollick (@emollick) July 30, 2019
So which peers should you listen to? This fascinating paper shows that, for people who had less business training, taking advice from folks who had formal approaches to running a business increased growth by 28% compared to taking advice from others. 4/5 https://t.co/ELYlrLU6gg pic.twitter.com/qauOHkDVr3
— Ethan Mollick (@emollick) July 30, 2019
Also, founders from underrepresented groups (such as women) seem to do better when they are matched with mentors from the same group. More on this (and other topics) in the link below. Founders: spend the time to find the right advisors, it matters! 5/5 https://t.co/FBdLyxnhU1
— Ethan Mollick (@emollick) July 30, 2019