Welcome! About Us About Our Job Boards Info For Employers Diversity Job Candidates Improve Your Bottom Line Advantages of Niche Job Boards Benefits of Using Our MultiChannel Approach for Your Job Exposure OFCCP / Compliance Solutions Sponsorship Contact Job Search AW Career Center – Diversity Jobs All Top Tech Talent – Tech Jobs Careers Self Describing Skills – Key Strengths Effective Communications Key To Accomplishing Goals The Six C’s Of Effective Communication Exude Power & Purpose – Broadcast Your Value Career _Index Referrals Make A Difference In Getting The RIght Job Getting Fit To Lead – Habits Of Successful Leaders Career Strategies Which Career Is Right For Me? Pick A Career That Counts America’s Skills Gap Top Secrets To Make Recruiters Find You Meet The Robots Reading Your Resume Time Management Mastering The Art Of the Career Fair Career Fairs – On-site Career News Blog How To Become A Computer Programmer Closing The Gender Gap For Women In Science Time Management Entrepreneurship Entrepreneur – Start Your Own Web Business Why Start Your Own Business? Rorschach Test For Entrepreneurs – If You See Opportunity, Start A Company The History of Opportunity Money Info Establish Your Niche – Learn How To Differentiate Brand “You” Outrageously Simple Visual Guide To Goal Setting Workplace AWL Journal – Women in Leadership Studies Sponsorship Contact

The Risks of Entrepreneurship

The "spark" for many entrepreneurs is seeing an opportunity that doesn't yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner's part to realize the vision, but he had read the market in a way that few "experts" did at the time.

In realizing the promise of CNN, Turner demonstrated another facet of the entrepreneurial spirit, persistence. There are a lot of bright ideas that never reach fruition; taking a "raw" idea and converting it into a successful business model is very hard work.

And that work never stops. No matter how innovative your idea, the competition is always just behind you. With anything less than constant creative effort on your part, they may not stay behind you.

Are you still with me? Here is where I reveal why everyone isn't an entrepreneur:

No opportunity is a sure thing, even though the path to riches has been described as, simply "...you make some stuff, sell it for more than it cost you... that's all there is except for a few million details." The devil is in those details, and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.

It is not indicative of a negative perspective to say that an analysis of the possible reasons for failure enhances our chances of success. Can you separate failure of an idea from personal failure? As scary as it is to consider, many of the great entrepreneurial success stories started with a failure or two.

Some types of failure can indicate that we may not be entrepreneurial material. Foremost is reaching one's level of incompetence; if I am a great programmer, will I be a great software company president? Attitudinal problems can also be fatal, such as excessive focus on financial rewards, without the willingness to put in the work and attention required. Addressing these possibilities requires an objectivity about ourselves that not everyone can manage.

Other types of failure can be recovered from if you "learned your lesson." A common explanation for these is that "it seemed like a good idea at the time." Or, we may have sought too big a "kill;" we could have looked past the flaws in a business concept because it was a business we wanted to be in. The venture could have been the victim of a muddled business concept, a weak business plan, or (more often) the absence of a plan.

When small businesses fail, the reason is generally one, or a combination, of the following:

* inadequate financing often due to overly optimistic sales projections;

* management shortcomings,

-- such as inadequate financial controls, lax customer credit, inexperience, and neglect, and;

* misreading the market,

-- indicated by failure to reach the "critical mass" required in sales volume and profitability,

-- usually due to competitive disadvantages or market weakness.

In a recent Wall Street Journal article titled "Why My Business Failed," Ken Elias cautions that "even if the concept is right, it won't fly if the strategy is wrong." Still, on being asked whether he would start another business today, he answers: "Absolutely. The experience is fabulous, exciting and the possibility of success is always there."

John B. Vinturella, Ph.D. has almost 40 years experience as a management and strategic consultant, entrepreneur, author, and college professor. For 20 of those years, Dr. Vinturella was owner/president of a distribution company that he founded. He is a principal in business opportunity sites jbv.com and muddledconcept.com, and maintains business and political blogs.

RELATED ARTICLES Rambling Confessions of a Recovering Entrepreneur I told my family that I finally accepted that my passion had become an ob- session, and you could even call it an addiction. They all laughed. What had taken me 25 years to accept, they had known for years. My wife detected my addiction as early as our honeymoon in Paris. All I wanted to do was spend time at the Bourse trading francs on the spot market. She kept on nudging me to see some old picture in the Louvre. Work On, Not In Your Business Are you busy? Everyone's busy! Ask anyone they'll tell you how busy they are. But how many people are accomplishing real results? Coating Service Business Case Study There are many coating businesses in the market today, but have you ever asked yourself how one gets into this line of work? How they are formed or what prompts someone or some entrepreneur to go out and start a business to fill this niche? Well this is an interesting case study that shows how we became interested in this industry from a sub market of the coating business; Spray in Bed Liners. Our company is in the auto detailing business, www.detailguys.com and we often service auto dealerships. Our customers need service for spray in bed liners for the pick-up trucks they sell. So we looked around at all the possible Biz Op companies doing this and the franchises too. Could a Non-Profit Structure Be Right for Your Business? If you have a business idea, or an idea for a service for your community, there's one decision you must make early on: are you going to structure your project as a for-profit business, or as a non-profit corporation? Work vs Play: Which is the Better Way to Make Big Money? If you want to make big money, you have to play not to work. The Risks of Entrepreneurship The "spark" for many entrepreneurs is seeing an opportunity that doesn't yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner's part to realize the vision, but he had read the market in a way that few "experts" did at the time. Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur The latest series in "The Apprentice" features 2 distinct group of candidates. One group, who are only high school graduates are termed as "Street Smarts" by Donald Trump whereas, the other group are all college educated with some having MBAs and advanced degrees. They were termed as the "Book Smarts". The Secrets to Becoming a Successful Creative Entrepreneur: JJK Secrets #19-21 Hello Creative Entrepreneurs! 7 Lean Marketing Laws For The Inspired Entrepreneur The following laws will provide guidance on how to act,think and work in a lean way. You can apply these laws toall areas of your life, work and business to get biggerresults from the time you invest. Could a Book About Your Company be Worth $1.7 Billion? Building Value Through Publishing "Berkshire Hathaway (NYSE: BRK.A) to purchase Clayton Homes for $12.50 in cash per share. Deal worth $1.7 Billion." Playing Hookey Can Help! A Surprising Secret To Small Business Success! Would you like to increase your chances of business success by 350%? The good news is that you can! Secrets of My Favorite Government Auction I love bargains. And there's no better place to find bargains than an auction. And there are no better auctions than government surplus auctions. My favorite government surplus auction takes place the 3rd week of September every year in the County Park. I won't tell you which county park as this is my best-kept secret! Even though the auction is advertised in the local papers (as required my law), I usually find the same 20-30 people mulling around, looking at all the lots. And many of them I know are not high-bidders! Part-Time/In-Home Business - Low Expense and Low Risk As a first time entrepreneur, there are a variety of franchises, dealerships, distributorships, and licensing opportunities available for purchase. Many of these you can start by working part-time from your home. In doing so, you save thousands of dollars in start up and operating costs, while at the same time reducing your overall risk. Cross Polination of Innovations in the Cleaning Industry According to the latest edition of Pool and Spa news; the costs of maintaining a pool, maintenance service averages about $30.00 to $150 per month depending on competition, size of pool and area you live in. This seems similar to maintenance costs associated with cleaning of the family cars if you hire out a mobile detailing service or mobile car wash. For this reason we have been studying their industry for parallels and ways to incorporate some of their methodology, software for scheduling and other anomalies associated with that industry for ideas to incorporate into ours. Is Now the Right Time to Become An Entrepreneur? A number of economic changes are magnifying the role of small business and creating the impetus for entrepreneurship. 10 Ways Entrepreneurs Shoot Themselves In The Foot Entrepreneurs and their businesses have a tendency to ambush themselves when they aren't looking. This affects how much revenue they can generate, how fast their business rises, and even if they survive after the first few years. If you feel there is a possibility you are getting in your way to success, review these elements to see if any of these items might apply. From Entrepreneur to Infopreneur: Make Money Selling Info Products The term "Infopreneur" is a relatively new industry buzz word that is making waves because it opens doors for entrepreneurs to generate new streams of income. Simply put, an infopreneur sells information. Near-death Experience is the Mother of Invention for Two Dallas Electricians To morning commuters, the hulking truck encircled with barricades and traffic cones may be nothing more than a road-clogging nuisance. Opportunity Does Not Knock Q: I'm graduating this year with a degree in business and would like to start my own business rather than get a corporate job. I have a few business ideas, but none of them really gets me excited. Should I just put my business plans on hold and get a job until the right opportunity comes along? -- Carlton M. The 7 Traits of an Exceptional & Successful Entrepreneur How often have you either referred to or considered the expression, "Success is a journey and not a Destination?" Probably many times, yet often being in a hurry to get there, we forget that success is not an end unto itself, but is instead an ongoing process.

Home |Site Map

Copyright © Advancing Women (TM), 1996- AdvancingWomen.com