Sometimes it’s not good enough to create a product just because an opening exists. If you really want to succeed, then you need to create a product that you need first. According to Inc., entrepreneurs who launch a business with a product they use are more successful.
A study released by the Kauffman Foundation on Wednesday showed that entrepreneurs who first create products for their own use and commercialize them later wind up creating companies with longer staying power.
These so-called “user entrepreneurs” account for only 10.7 percent of all U.S. start-ups, but 46 percent of of start-ups that have lasted five years of more. The report also found a link between these user entrepreneurs and “innovative” startups, defined as those that performed R&D during their first year of operations.
Photo by Anthony Storo