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So You Want to Start a Business

So You Want to Start a Business. NY Times 23 Nov 2011. Why so many Failures?. No preparation They did not do the needed background Too busy doing the work to do what is needed Bad management Bad Accounting Marketing Not everyone is wired to start or run a business

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So You Want to Start a Business

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  1. So You Want to Start a Business NY Times 23 Nov 2011

  2. Why so many Failures? • No preparation • They did not do the needed background • Too busy doing the work to do what is needed • Bad management • Bad Accounting • Marketing • Not everyone is wired to start or run a business • Technical expertise does not equate to management expertise • Businesses don’t fail, people do!

  3. Failures cont. • Failure is not permanent • Risk • What type of risk are you taking? • Calculated • Wild • Delusional

  4. Solutions • Educate yourself • Business Plan • Accounting • Financing • Market • Advice vs. cheerleading • Naïveté in business will prove expensive.

  5. How does this apply to non-entrepreneurs? • Be prepared • Know what you are getting into • Know the company • There is always risk • Education is a lifelong process • University • Seminars • On the job • Mentorship

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