What Makes a Successful Entrepreneur?

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Aug. 8 (Bloomberg) -- Managing Director for the Martin Trust Center for MIT Entrepreneurship Bill Aulet discusses the making of a successful entrepreneur with Emily Chang on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)

The premise is that people need to learn more about it.

The first fact i would say is that the demand for entrepreneurship is skyrocketing.

Now we are seeing injuring student that places like yale university, i just came back from quebec, over 20% of them want to become entrepreneurs, and we don't have the mechanisms now to be able to train them to be successful entrepreneurs.

This is ultimately going to create a crisis.

Are you saying anyone can be an entrepreneur, just by following 24 steps?

What i'm saying is that entrepreneurship can be taught.

I think it is a very important hemisphere that has become very clear.

When you look at a place like m.i.t., you see that a prolific number of entrepreneurs are coming out of m.i.t., and when we break that down and analyze it, it is not because they are the best students.

It is not because of technology, it is because of what they are taught, and so the success of m.i.t. and a place like stanford is a place that we need to replicate elsewhere throughout the world.

So the economy needs a lot more entrepreneurs, and we can train a lot more entrepreneurs, and that is what we need to do.

There is this idea that mark zuckerberg, steve jobs, bill gates were born entrepreneurs.

Would you say that is misguided?

Yes, that is complete rubbish.

There is no entrepreneurship gene, and that is how i start the book out.

And no one will ever find an entrepreneurship gene.

Our research shows that entrepreneurs may come from all different laces.

It is not a question of charisma, it is not a question of whether your parents were entrepreneurs, it is more a question of do you have the passion, do you have the drive, and do you have the confidence to go out and try to be entrepreneur?

You have to be spirit, but then you need a skilled peer what we're focused on is now people want to become entrepreneurs, but do they have the ability -- do we have the ability to season to be successful entrepreneurs, and if we don't, we will have a lot of our young people who were marked out into battle, and they will want to fight this great battle of entrepreneurship, and they would not have the skills or tools to do that.

Stamford for example is considered one of the most desirable schools for aspiring entrepreneurs to go to.

They say they are very supportive of entrepreneurship.

How does their approach at an i.t. -- at mit's differ from an institution like stanford.

We work for a closely with stamford appeared we were great closely with all of our school the duke entrepreneurship -- that do entrepreneurship.

It's not a zero-sum game.

Everybody benefits from sharing knowledge and we're very interested in doing that.

We were great closely.

I think the premise here that we are putting forth is that there is a problem in the scalability of entrepreneurship education, and while demand goes up like this, there will be a need throughout the entire world for entrepreneurship, it is very hard to scale because entrepreneurship isn't so experiential, it is so contextual.

By that i mean you have to have a project to do it, you have to work at it, it is so effectual in that each project that they are working on is different.

One can be working on a mobile app, another can be working on a technology to improve energy storage, and other can be working on medical devices.

And then there is this mentoring element.

There is very little work out there on entrepreneurship historically.

It is a new topic, and there is not a lot of data.

Combining the complexity of what we have with the fact that there's not much data about its with exploding demand is going to create a scenario in which there is a lot of, shall we say, non-rigorous entrepreneurship education.

People who go to sloan and m.i.t. and stamford do have access to that, but what about the rest of the world?

Stamford at the sentiment been criticized for being too friendly to entrepreneurs.

What do you think of that, and how do you balance being supportive of entrepreneurship but also, you know, education, which is the reason they are in school in the first place?

Absolutely.

We are an educational institution.

We are not trying to catch a fish.

We are not trying to create a company peer and what we're doing is trying to teach you how to fish.

That is our role, that is our role in society is to teach people how to pay fish.

-- how to fish.

We are not trying to produce specific companies -- we are trying to produce entrepreneurs.

I think that is very important that we as educational as additional focus on creating entrepreneurs, not the companies themselves.

This text has been automatically generated. It may not be 100% accurate.

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