Here are 6 things to know
Want to Be Your Own Boss?
businesses launched annually believes that entrepreneurs are
well regarded and enjoy high
70%of the population
of new businesses fail
within their first two years
don’t make it past Year 5
of new ventures eventually fail
6 useful tips to note before you
start your business
3 skill sets most essential to achieve success are:
• Being able to learn by trial-and-error
• Adapt to change
• Move on to the next experiment
faster than your competition
“It used to be about knowing a few things deeply,
while it now seems that it is becoming just as
important to learn a high number of things very fast.
Learning has become a day-to-day activity.
Will Klippgen, Managing Partner at Cocoon Capital
and INSEADAlum Ventures
A lack of empowerment from the management creates
decision bottlenecks, which hamper speed of execution.
Millennials in particular want to have an impact.
Micro-managers clip wings and can’t retain top
Trust, mentorship and
support from managers are
vital to create a culture of
empowerment to retain top
talent and quickly scale up the
“You don’t build a business. You build
people, and people build the business.”
Zig Ziglar, author and motivational speaker
Entrepreneurs are more likely
to succeed if they are able
to develop strategies and
business plans that leverage
local advantages and make
up for deficiencies by tapping
into surpluses in other
5Cs of location
that influence success
Cost Convenience Community Calibre Creativity
familiarity with a place,
regulatory and legal
to key markets
Factors such as rents,
living costs, wages
Networks and social
The quality of the
as roads, airports
and ingenuity of the
“Essentially, it is up to entrepreneurs
to match the opportunities and
challenges of a location with their
products’ capabilities and needs.”
Founding Director of
INSEAD’s Innovation & Policy Initiative
Reports show that collaborations
between big corporates and start-
ups will be an essential part of every
company’s innovation portfolio going
68 of the top 100 companies
from the Forbes Global 500 are
engaging with startups to tap into
innovation without a huge upfront
Microsoft launched Microsoft for
Startups, a new programme that helps
startups grow their customer and
Microsoft for Startups
Access to the huge resources big
corporates enjoy may also be a matter
of survival for startups.
as part of business strategy
Investors and corporations often have
their own sustainability programmes
to think of, and will want to verify that
potential partners are on the same
I don’t know I hadn’t thought of
“I don’t know” or “I hadn’t thought of that” as
a response to the social impact question isn’t
likely to further your startup’s cause and bag
that funding you need.
How a venture affects society influences
how the government views the company.
If there is no potential to create a net-
positive impact on the community, you
may be taxed differently than a business
that is seen as a social asset.
Our goal is to shift mindsets so that
it becomes routine for leaders to
consider the societal impact of their
actions when making decisions, or it
becomes unacceptable for businesses
to destroy value for society while
creating value for themselves.
Ilian Mihov, Dean of INSEAD
• INSEAD Centre for Entrepreneurship (ICE)
• Entrepreneurship Bootcamps
• Entrepreneurs in Residence (EiR)
• INSEAD Venture Competition
• INSEAD Entrepreneurship Forum
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