As I wrote in a previous post, our recent Lang Center survey showed that starting multiple businesses is an important predictor of entrepreneurial success.

One thing I encourage students to do when looking to start a business is that they must temper their idealism with a bit of realism. For instance, those who start businesses in search of autonomy may find themselves jumping through hoops for a host of customers, bankers, investors and employees. Challenge, excitement and creativity are surely part of the experience, but entrepreneurship is also a lot about slogging through the tough times.

Having a great business idea is a good start, but very few ideas are compelling strokes of original genius. Most initial business concepts go through significant revision as the idea moves into reality. And it is rare for a business to unfold according to plan.

However, that original idea will get students into the venturing corridor, where one opportunity leads to another. Those who start with the long-haul view of building something significant have the right mindset for dealing with the ups and downs of an entrepreneurial career.