Jeff Bezos came up with a brilliant idea that turned into a company and now a household name -- Amazon. The secret ingredient for coming up with these ideas may be something we can all tap into -- a good night's sleep.
"Entrepreneurs who consistently choose hustle over sleep, thinking that sleep comes after success, may be subverting their efforts to succeed," said study lead author Jeff Gish, Assistant Professor at the University of Central Florida.
"Everyone needs a good night's sleep, but it is especially important for entrepreneurs," Gish said.
Published in the Journal of Business Venturing, the study found that sleep plays an important role in not only identifying a good business idea but in evaluating it and believing it is viable.
The researchers also found a link between sleep and the cognitive skills needed to identify and evaluate an idea.
Entrepreneurs use experience and business knowledge to evaluate ideas that could turn into successful business ventures. But sleep appears to be an important factor as well.
For the study, researchers surveyed more than 700 entrepreneurs from around the world. The participants were asked about their sleep patterns, hours of sleep and types of sleep.
The participants were asked to review three business pitches. Those who had less sleep did not consistently pick the best pitches.
In the second part of the study, a smaller group of participants evaluated the pitches over several weeks while charting their sleep patterns.
The participants who had at least seven hours of sleep each night consistently selected the best pitches identified by an expert panel. Those who had less sleep or restless sleep did not consistently pick the best pitches.
"The evidence suggests that less sleep leads to less accurate beliefs about the commercial potential of a new venture idea," Gish said.