With the plethora of information and resources available today to help build successful businesses not to mention the sea of experiences either of failed or successful businesses, this has in no way lessened the number of businesses that have failed and are still failing. Could this high failure rate be as a result of bad business management, lack of customer centric business model, no business road map, poor planning or just sheer bad luck? Any of these might be true, but we have also had giant corporation go extinct, did they run out of good ideas to maintain and grow their market share? Sadly majority of entrepreneurs seem not to learn any lesson from these gory stories of how both small and large corporations slowly crawl and die after either getting funded or had a major break in the market. Entrepreneurs have formed a habit of always running off to build a solution without any experimentation to validate/invalidate their ideas. Having an idea and running off looking for an accelerator program to attend and get funded is no longer a proof of concept, at some point that might have been the case, but no more. Deconstructing your idea, validating/invalidating, testing, iterating and building a bullet proof business model is how you mitigate against the epidemic of failing businesses.
Please leave a comment, share or check any of the "reaction" boxes below and let me know what you think. I will be glad to hear from you.
Comments
Post a Comment