Apart from enjoying my holidays riding my motorbike, windsurfing, sight-seeing and so on I had time to do something useful... I read too! Fernando Trias de Bes, MBA profesor at Esade and writer of books as “The good luck” or “Lateral Marketing”, surprised everyone with his new book: “The black book for the entrepreneur” (El libro negro del emprendedor) were he explains his theory about the main factors for failure when starting a new company. This is based in his own experience, his work at the MBA school (ESADE) and many “chats” with different experienced entrepreneurs. He got to compile 14 key reasons to fail. Those factors are the folowing:
About the person:
1 entrepreneur with a reason but without motivation
2 not to have an entrepreneur mentality
3 not to have a strong character to fight when is needed
About the business partners:
4 count with them when in reality you don’t need partners at all
5 choose partners without an election criteria
6 share the same percent of capital when everyone is not giving the same value
7 lack of communication and understanding between partners
About the business idea:
8 to think that success only depends on that "great idea"
9 start within fields you don’t like or lack knowledge
10 start within non attractive fields (saturated, little growth)
About the impact in your family live:
11 make the business dependant on your family economy and material needs
12 not knowing the impact that starting a business will have in the quality of your personal live (time for your family, hobbies, …)
About the person:
1 entrepreneur with a reason but without motivation
2 not to have an entrepreneur mentality
3 not to have a strong character to fight when is needed
About the business partners:
4 count with them when in reality you don’t need partners at all
5 choose partners without an election criteria
6 share the same percent of capital when everyone is not giving the same value
7 lack of communication and understanding between partners
About the business idea:
8 to think that success only depends on that "great idea"
9 start within fields you don’t like or lack knowledge
10 start within non attractive fields (saturated, little growth)
About the impact in your family live:
11 make the business dependant on your family economy and material needs
12 not knowing the impact that starting a business will have in the quality of your personal live (time for your family, hobbies, …)
About management of the new company:
13 create business models in which you don’t get benefits quickly and neither in the long term
14 to be an entrepreneur (want to create something all the time) instead of a business man (like to manage growth) and not know the right moment to retire
Well, What do you think? Do you agree? Be aware than in his URL you can leave your own opinion www.triasdebes.net
Thanks and smile,
dk
5 comments:
yes, i agree totally... but... from what i have experienced with people in my hometown, your #11 should be among the first three, like way up there. Even before starting their new business, they already have personal expenses run by the company!
@Mel -- You're right. It will be tough running your own business, but if you stick through it, it can be extremely rewarding. If you really do want to be an entrepreneur and buy a business, then I suggest searching the Internet to what is available in your area. There are sites, like BizTrader.com, which are online global marketplaces where you can buy and sell businesses. They can also provide you with additional resources like finding a lender, broker, etc.
I also suggest checking out current books and magazines for help and advice. Local small business groups can also be very helpful, and it doesn't hurt to network.
Good luck!
These are good, and there have been many articles written on startup failures, so rather than focus on reasons for failure, I decided to extract some basic principles which are critical to the succes of a startup. See my article "Startup Principles for Success" on http://blog.startupprofessionals.com for some key ones.
Martin Zwilling, CEO & Founder, Startup Professionals, Inc.
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