While I have enjoyed learning about what what makes an entrepreneur successful, I wanted to try and see the other side. The other side of failing, by looking at the bad side of things you can see what really makes one successful.
After reading an article by harvard entrepreurship.org “The Ten Reasons Why Entrepreneurs FailTheir Business” it really opened up my eyes in helping me see how a business takes the wrong turns.
One that I found very interesting was that “The Businesses(they) Have No Written Plan”. One could have such a good idea and passion for their business, but if they do not have a written out plan to help others understand they are worthless. Companies also have a very hard time writing these business plans, because explaining something on paper is much harder than in person.
A very useful tip that I saw was that the “The Competition Is Too Much”. When starting up a business, having to overcome a larger corporation can often times be too much of a struggle for a start-up. These other larger corporations have enough capital and experience in the market over rookies. Competitions also have a major influence in the market, and while the start-up is eager to succeed, so is the established corporation.
Being Unable to Execute is another reason why entrepreneurs find themselves in very deep holes. As a young company the amount of high risk opportunities that arise are countless. Taking those decisions need to be done wisely or else they will fall almost immediately. One high risk opportunities taken at the wrong time could collapse a business. These newer entrepreneurs are still getting a feel with how everything works, so it can be an issue with regards to making the right decisions.
One of the most misleading mistakes is worrying about capitol, not connections. What young businesses don’t remember is that Resource Requirements are Underestimated. Capital is not the only resource needed when creating and managing a business. There are other factors like a team, the environment around the business, and investors.
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