School is starting up all over the country. And this year, thanks to a new study conducted by Office Depot Office Max, you might think differently about how what really drives successful entrepreneurs. Let me explain.
I previously wrote an article with the provocative headline that B students make the best leaders. In that piece, I also wrote that while students who go on to earn their PhDs make good money in their careers, it's actually the C students who most often start businesses and become millionaires.
Business Owners Were More Likely to Get Detention
Now, thanks to the Office Depot Office Max study, which surveyed 1,007 people about their experiences in elementary school, we have a new counterintuitive concept to consider:
People who were sent to the principal's office in school were more than twice as likely to be business owners than students who didn't get in trouble.
As the report states: "Spending time in the principal's office doesn't necessarily lead to a life of delinquency. On the contrary, it seems to increase the chances of students becoming business owners as adults."
Millionaires Get Cs
A complementary finding of the study is that the average college GPA for millionaires is 2.9--a solid C+. It would seem that getting good grades has little to do with knowing how to build and grow a company--which is where real wealth is earned.
But Educated Kids Earn More Money on Average
The point is that students who do well in school beginning in elementary school often continue to do well in school--including going to college and possibly even earning their PhD eventually. In fact, 38% of those A students in elementary school went on to achieve their PhD! These good students, on average, also tend to earn more money over the course of their careers at $42.1K than very poor students at $30.4K which makes sense. As I wrote before, they have a higher average, but their standard deviation is smaller.
Rule Breakers are Happier in Life
But the real wrinkle that comes out in the survey results that students who admit to breaking all the rules are tomorrow's entrepreneurs. The survey also tells us that they are also being more satisfied with their lives than the students who always did what they were told and avoided those trips to the principal's office. People who don't follow the rules reported a 61% life satisfaction versus just a 51% satisfaction rating for the ones who follow the rules.
So, if you are the parent of a kid who always seems to be in trouble at school, take heart. While he or she might never earn their PhD, chances are they might have an entrepreneurial streak in them that can lead to a healthy and maybe even wealthy life ahead of them.
Check out the full article on "Elementary School and Success"
You can find Jim at www.IncCEOProject.com