Entrepreneurship Tips

The lack of a good business design process is the number one reason why most businesses fail today.  Almost everything else, like poor market, running out of capital, unexpected risks and poor sales, is just a symptom of this root problem. How Many People Does It Take?  Consider for a moment all the things we as individuals do not know!  It is pretty sure that today no one can even keep one-tenth of one percent of the knowledge available to mankind in their head!  Scholars say the last Renaissance Man existed in the early sixteen hundreds sometime.  This was the last century in...

The lack of a good business design process is the number one reason why most businesses fail today.  Almost everything else, like poor market, running out of capital, unexpected risks and poor sales, is just a symptom of this root problem. Where Do Entrepreneurs Go Wrong?  The sad fact is, most businesses should not be run as originally envisioned by the founders for two main reasons: 1)   You never, never, ever know enough when you found a business not to make many, many adjustments along the way, and 2)   It is highly unlikely the founder has exactly all the right experience for this new...

The lack of a good business design process is the number one reason why most businesses fail today.  Almost everything else, like poor market, running out of capital, unexpected risks and poor sales, is just a symptom of this root problem.   Defining "Business Design"  For purposes of this discussion, let us consider the inner concentric circle of the vision pie below as the definition of a business design.  Therefore:   DEFINITION: A Business Design - The sum of the complete strategies for each of the business disciplines required to deliver a product or service to the market. We can assume the tactics...

The lack of a good business design process is the number one reason why most businesses fail today.  Almost everything else, like poor market, running out of capital, unexpected risks and poor sales, is just a symptom of this root problem.   Why Business Design Must ALWAYS Be The #1 Priority of Any New Venture?  Designing a business is more art than science because it is something that takes lots and lots of real-world experience.  Personally, I do not think you can learn it at any university, or by any amount of study, until after you have spent many years working in...

When The Liabilities Exceed theBenefits of Being a Director By Peter Cohen In the last week, some corporate directors have written checks out of their personal accounts to settle suits against the companies on whose boards they served.  Earlier this week, 10 former WorldCom directors paid a total of $54 million -- $18 million from their own pockets, representing 20% of their net worth.  Today announced that 18 Enron directors agreed to pay $168 million, 10 of them paid $13 million from their own pockets, to settle their portions of securities class action suits.  These events probably mark the beginning...