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The making of an entrepreneur

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Special to The Miami Herald

Nurturing an entrepreneurial culture is all the talk right now as an antidote for the ailing economy. And to create more and stronger entrepreneurs, the logic goes, you need to know what you are looking for. But how much is really known about the mind-set of the entrepreneur?

Researchers are beginning to study this, and some of the findings are surprising.

While many believe entrepreneurs exude optimism, passion, risk tolerance, perseverance, creativity and unstoppable energy, entrepreneurship is not just for the young and the restless, according to the Kauffman Foundation, a leading entrepreneurship research group based in Kansas City, Mo.

While the stories of the young Google and Facebook founders are well known and celebrated, research has shown the average entrepreneur launches his or her first company at age 40.

Most are not college dropouts like Bill Gates. And they typically grew up in middle-class or blue-collar families that often were not particularly entrepreneurial, according to a 2009 Kauffman study, The Anatomy of an Entrepreneur. They are often married with children.

But whatever the age or background, understanding what makes an entrepreneur tick is crucial to evolving a culture that nurtures new entrepreneurs, a critical piece of an economic recovery. Kauffman research shows that from 1980 to 2005, the cumulative growth in new jobs was attributed to companies five years old or less.

And that is what Global Entrepreneurship Week, which kicks off next Monday around the world, is all about. Locally, the University of Miami is packing the week with more than 50 panels, speeches, networking events and contests, most open to the public (see box on Page 19), and Miami Dade College is holding 13 events (box on Page 21) -- so we thought now would be the perfect time to talk with some South Florida entrepreneurs about their personal entrepreneurial journeys.

We asked these entrepreneurs about their upbringing, when they knew they were entrepreneurial, how they went about learning to run their businesses and what kind of mind-set they think helped them succeed. This mentality is important to those who are funding these ventures as well.

Barbara Boxer, founder of the Women Angels network in Miami, says her group focuses on individuals, not companies. ``We are investing in their personality, their drive, their integrity and their fortitude for the ups and downs that happen.''

Bo Fishback, vice president of entrepreneurship at Kauffman, says small, quick failures are critical in the entrepreneurial journey. ``There's nothing more important than a failed sales call if you learn from it. . . . Successful entrepreneurship requires a tolerance for failure that not everyone has.''

``Entrepreneurs never know what they are doing when they begin, and that's OK,'' adds Susan Amat, executive director of The Launch Pad, the entrepreneurship career center spearheading UM's Global Entrepreneurship Week. ``If you aren't failing, you aren't taking enough risks.''

So we also asked these South Floridians how they reacted to and recovered from their failures and used the trials and tribulations to get stronger.

See the attached reports for their stories.

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