Gold Rushes occur throughout history. In 1849, thousands made a mad dash to California when gold was found at Sutter’s Mill. Most returned home even poorer than they arrived. In the mid-1800s, the railroad boom made a few rich but destroyed many more. Remember the late 1990’s and the Internet bubble? Today, the bubble seems to be just plain “entrepreneurship.” The dream for many just starting out is to start a company (technology focused or otherwise), get rich, retire young.
One observer has termed this “entrepreneur porn” and in a recent interview from Wharton explores the risks that new entrepreneurs, even out of the best business schools, either ignore or are simply oblivious to. Entrepreneurship has created enormous wealth, but only for a few relative to the number making the attempt. The lessons of the successes are easy to spot; those from the startups that are dead and buried often are not.
Before you or someone you care about takes the plunge on a new venture, take a moment to learn about these Entrepreneur Myths and why most who go that route likely won’t be rich and famous.