Excerpt from: Beyond Eureka. Looking for a great business idea? These five steps will take you from blank slate to booming
By Amy Barrett
The accepted mythology of entrepreneurship goes something like this: An average guy or gal has a flash of inspiration, funds a startup with credit cards, and eventually achieves runaway financial success. Sound familiar?
We’re not going to deny the importance of the “Eureka!” moment. But it’s not the only—or even the most successful—way to start a new business. According to Paul Reynolds, a visiting professor at George Mason University, about one-third of entrepreneurs have the desire to strike out on their own before they have a particular business in mind. Reynolds comes to that estimate from his experience as one of the principal investigators of the Panel Study of Entrepreneurial Dynamics, which has observed about 1,700 entrepreneurs over the past decade.