The Idea Is the Easy Part summary

Most people have a distinct mental image when they picture an entrepreneur. The whiz-kid striking gold with a billion-dollar idea before the age of 30. But the reality looks quite different. Let’s see what successful startup founders really look like, and why you probably have what it takes to join them.

Whilst founders in their twenties might get a lot of press, this is the exception, not the rule. The average age of successful tech company founders is 39, with most of the work done over the age of 45. This makes sense when you think about it. With age comes experience, so older entrepreneurs can be more likely to see gaps in their industry and have the knowledge to meet that need. 

Startups are inherently risky, but a good entrepreneur will have a more calculated risk attitude than you might assume. Contrary to the reckless gambler stereotype, seasoned entrepreneurs act to mitigate risk, not chase it. They ask questions, listen, thoroughly research, and work to inform themselves before big decisions, even if they don’t have access to the full picture.

It might also surprise you to learn that founders are rarely in the startup world to get rich quick. The best entrepreneurs have a vision and a sense of purpose that goes deeper than money. Venture capitalists are quick to rule out the ones who seem only interested in the payday since they rarely have the passion to make their big idea a reality. Profit follows purpose, and investors can see it.

Of course, the startup scene isn’t perfect. Venture capitalists globally are beginning to realize how discriminatory financing practices based on gender, race, or cultural background are holding them back. The good news is that many companies are acknowledging these problems and trying to solve them. In 2021 Goldman Sachs set up a new initiative, One Million Black Women, to support startups by at least a million Black and female entrepreneurs by 2030. Diverse ideas come from diverse people, and whilst it still isn’t perfect, investors are catching up.

So, what does it take to be an entrepreneur?

The biggest indicator of success is commitment to your purpose and the drive to understand a problem. You don’t need a Harvard business degree – or any degree for that matter – to be successful. Entrepreneurs can blossom at any age from any background. But what they share is a willingness to dive into problems, a habit of due diligence, and a sense of purpose that drives them to change the world.