That’s one of several new findings by Babson College, in collaboration with The Business Innovation Factory, a nonprofit research group, as part of an in-depth look at American entrepreneurs and their attitudes toward business.
“We found that entrepreneurship is just a series of failures,” said Heidi Neck, an associate professor of entrepreneurship and director of the Entrepreneur Experience Lab at the Boston area college, which is known for entrepreneurial studies.
“You need to prepare for failure, you need to tolerate failure and you need to learn from failure,” she said. “Maybe we need to start talking about it as intentional iteration.”
The Lab recently completed the first phase of its examination of 250 startups in several areas around the country, including Boston; Austin, Texas; and the San Francisco Bay Area, part of a longer-term look at their experiences on a day-to-day basis.
“This is a really deep dive,” Neck said. “It’s grounded in ethnographic methods, meaning we observe them, we interview them in detail.”