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TOP 10 REASONS WHY START-UPS RUN INTO FINANCIAL TROUBLE
by Tina Kerkam President, Convergence Group, LLC
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Just because you know how to build a better mousetrap doesn’t guarantee you’ll ever take home the cheese when it comes to building a successful business. In fact, the landscape is littered with fast-growing start-up companies that fizzled because their inventive genius wasn’t matched with a few business basics.
Not surprising, technology-based companies form the core of today’s start-up market. Yet, the unfortunate fact remains that the inspiration and entrepreneurial skills required to launch these dynamic new companies are not identical with the expertise needed to effectively run them.
Tragically, many promising companies start with great fanfare and wonderful ideas only to founder once they encounter financial troubles that were both predictable and avoidable at the outset.
A raging Bull Market can mask a multitude of sins, and during the boom years of the 1990’s many tech companies did grow by meeting product demand any way they could. Now that the market has cooled however, start-up companies that want to survive in today’s less forgiving market need to get back to the basics of improved productivity and sustained profitability.
Before you rush off to assemble your “To Do” list for future success, let’s first take a look at what “Not To Do”:
1. Don’t have a well-researched business plan or model Most start-ups are so eager to get going they don’t do enough due diligence on their company. I have yet to meet a company that succeeds on the “If you build it, they will come” theory of business planning.
2. Undercapitalize the business Often entrepreneurs are over-enthusiastic about their idea and don’t allow enough starting capital to build a sustainable business. Most businesses fail because they are starved to death in the first two years.
3. Don’t budget well When you are in start-up mode, it is hard to anticipate all the expenses you will have to pay. Many of the things you thought you could defer become urgent very quickly. Design a good budget that takes into account contingencies as much as you can, and be rigorous about it.
4. Price their product poorly There is a great deal of skepticism in the marketplace about value for the money. In today’s hype economy there is a lot of reason for that. There are three value propositions that drive purchasing: quality, speed and service. Pick two, and then price your product commensurate with your competition.
Continued...
What’s Tom Reading? by Tom Peters Tom Who? Tom Peters. He suggests “Naked in the Boardroom” which he describes as “the best book on strategy and tactics for women aiming to make it big in business”
“100 Ways to Help You Succeed / Make Money, Part 1” By Tom Peters
Here are the headlines for the first 25 Ways in which the Uber-Guru, Tom Peters, believes can help you succeed. He lists 50 in this link and he promises he will get back and do the other 50 sometime soon.
#1: THE CLEAN & NEAT TEAM! (TEAM TIDY?)
#2: PRONOUN POWER
...
#25: HUSTLE! free
“When Not to Lead” Fast Company | by Mark Goulston and Kevin Gregson
In September of 1796, George Washington demonstrated that he knew something that entrepreneurs, founders and leaders of all types should know, but all too often fail to realize -- it was time. It was time to transition to the next level of stability and maturity as a government and as a nation. Good leaders know how and when to lead, great leaders also know how and when to leave. free
“How to build a bulletproof startup” by Michael V. Copeland from Business 2.0
Got a great idea? There's never been a better time to turn it into a great company. Here's a 16-step guide to help you do it right. free
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TOP 10 REASONS WHY START-UPS RUN INTO FINANCIAL TROUBLE 
What’s Tom Reading? by Tom Peters 
Leadership Lessons for The Real World Margaret J. Wheatley © 2006 
