Most Businesses fail… sooner or later.
They fail in all sorts of ways: collapsing from the inside, succumbing to outside pressures, etc. In fact, there are far more ways to fail than succeed.
Topic: How to Improve Your Company
How to Build a Winning Team
How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
How to Improve Your Company
How to Improve Your Pitch
How to Start Your Company
Entrepreneurial Ecosystem Spotlight
Startup Accelerator Spotlight
Startup Investor Spotlight
Business Startup Spotlight
Entrepreneur Events Spotlight
University Entrepreneurial Program Spotlight
Women Entrepreneurs Spotlight
There are many ways for a startup to fail. Some factors, like regulatory changes or input cost increases, are beyond the founder’s control. However, there are three significant actions that entrepreneurs are often guilty of that can kill your company as fast as anything.
There are many motives to start a business. In a market system at its simplest form, the purpose of a business is to make money. However, you must never forget your “raison d’être,” your company’s real reason for being.
There are a tremendous amount of “time-saving” options available to the entrepreneur. Sometimes, they are; Sometimes they are not; and sometimes, the old ways of doing things can be more efficient.
You are going to fail! This is the dirty little truth about being an entrepreneur.
I ask myself this question a lot. I think I could make an app for everything. But after three apps, I’ve learned a process that helps me determine if I should build an app or not.
Stephanie Vozza has spoken of the six lessons gleaned from entrepreneurs’ experience (Fast Company). It was illuminating to evaluate how our startup company (FundingSage) and its founders dealt with these business improvement issues.
Entrepreneurs tend to be arrogant. This sounds rather like a criticism, but it’s more a statement of fact and a caution.
All companies face risks, and startups are no exception. As you seek financing from third parties, remember that once financing is obtained, the resources of those outside investors now face the same risks as your personal resources.
If you have the curse of the entrepreneur, then you are familiar with the insatiable need to launch something – to create something and get it out there.