A recent study by the Centre for Policy Studies in London examined 1,000 self-made billionaires and found certain traits to be common among them. Some of the key characteristics are staying in school, choosing wisely and considering location, among others.
The majority of successful entrepreneurs are well-educated, so you may want to reconsider following Mark Zuckerberg’s footsteps when it comes to dropping out of college to pursue your dreams. Venture capital funding also increases along with higher education.
Twenty-five percent of the study’s business founders who received funding had a PhD, while 14 percent were MBA holders. Sixty-three percent of U.S. companies that launched IPOs in the last decade were venture-capital funded, meaning that venture capital increases the likelihood of success.
The study also found that certain industries are more attractive to venture capitalists. IT and biotech enterprises are more likely to receive funding and attract more than half of all U.S. venture-capital investments. A majority of the study’s “SuperEntrepreneurs” made millions in the IT, biotech, finance and retail industries.
Countries with lower taxes and reduced bureaucracy are most likely to produce successful entrepreneurs. Hong Kong has the highest concentration of SuperEntrepreneurs with around three billionaire entrepreneurs for every million inhabitants. The United States ranks third (the odds of success are slightly lower for immigrants regardless of where you start).
Check out the CPS’ infographic below to learn more about the backgrounds of 1,000 self-made men and women who have earned at least $1 billion dollars through entrepreneurship.