the.com/entrepreneurship
turning uncertainty into a paycheck, mostly your own, and mostly late.
means the act of starting and running a venture whose success is not guaranteed, betting time and money on an idea before anyone else believes in it.
from from french entreprendre, to undertake; economist richard cantillon coined the concept in the 1730s to describe those who buy at certain prices and sell at uncertain ones.
failure rateabout 90 percent of startups eventually fail
schumpeter's termcalled it creative destruction in 1942
median outcomemost founders earn less than employees for years
garage mythapple, amazon, google all started in one
for instance
sara blakely spanx — turned 5000 dollars and cut pantyhose into a billion-dollar company, 2000
airbnb air mattresses — founders sold cereal boxes to fund the idea, 2008
jack ma alibaba — rejected by kfc and harvard, built china's e-commerce giant, 1999
phil knight blue ribbon — sold shoes from his car trunk before nike existed, 1964