In this captivating external blog, Martin Zwilling reveals what he believes are the top 10 things young entrepreneurs should avoid when starting up a company. As a man who advises many start-ups, he often sees many entrepreneurs preferring to “fail their way to the top.” By this, he expresses that young entrepreneurs often prefer to fail fast and often, rather than doing some extensive research in order to determine what has worked in the past for previous entrepreneurs and their start-ups. Spending money you don’t have in the bank, rapid growth without a plan, verbal business agreements and creating a market you can’t supply and support, are just a few of young entrepreneurs major flaws that Marty mentions. Marty often tries to emphasize these major issues that don’t work and are doom for failure.
As a young business student hoping to one day start my own business, I found this blog to be very eye-opening and helpful. It is interesting to see where so many entrepreneurs have gone wrong when introducing a new business into the market. Similarly, in comm 101 we have talked about what it takes for a start-up to be successful. Much like what we have learned, Marty continues to reiterate the importance of work ethic and due diligence. Furthermore, he mentions the importance of a unique disruptive product and how the success of a start-up relies heavily on introducing a product that is truly new and disruptive.
However, throughout comm 101 we have seen examples of companies who sometimes struggle to achieve these simple steps. Tesla for example, is an extremely successful new disruptive innovator however; at times Tesla has struggled to meet the high demand for their cars. Tesla has been prone to late deliveries, which has in turn affected their company reputation. As you can see, sometimes success isn’t as simple as ten steps. Even some of the most successful companies struggle at times to operate a business at maximum efficiency. Sometimes failure is necessary in order for businesses to learn from their mistakes. To sum things up, a part of me feels as though failing your way to the top could potentially be beneficial. The most successful people in the world have all dealt with failure and rejection. In the end, it makes a person stronger and better suited for greater accomplishments.
Source: http://blog.startupprofessionals.com/