why many entrepreneurs fail in their first ventures..

[Saba ali]

i am doing a feature in my magazine on why many entrepreneurs fail in their first ventures..if u r one such entrepreneur..please write yr experiences...i will quote u in my magazine. also i would like to have yr views on how to prevent failure of a start up.

[chrispalko]

Well, even though it was a great experience for me, I feel that my "Freelance Web Design" business was a failure (though I'm still doing it on the site). Why? Because I did not operate around a business model that generated residual income, I was always left frantically searching for new clients. This is/was not a dependable business model for me. Moving on to "Web Hosting" (among other streams of income), I feel the ability to create a recurring stream of revenue is more than possible.

My advice: Carefully plan your business, and make sure that you have a system set up that will make you money over and over.

(P.S. - If you quote me, my name is Chris Palko, Owner and CEO of Red Storm Hosting, LLC)

[akula]

i am doing a feature in my magazine on why many entrepreneurs fail in their first ventures..if u r one such entrepreneur..please write yr experiences...i will quote u in my magazine. also i would like to have yr views on how to prevent failure of a start up.

in a general sense, 1st ventures fail at the same rate as 2nd, 3rd or 20th ventures...there is little correlation between someone's skill as an entrepreneur (i.e. the number of years in the game) and the likelihood of their next venture succeeding. experienced entrepreneurs have the same rates of failure of inexperienced entrepreneurs.

likewise, there is no one statistically significant reason for why ventures fail. ventures fail of on account of random developments throughout the venture's life-cycle, and it is impossible to successfully correct for these developments as they are triggered by factors outside of the founder's scope of influence and control.

overall, as far as startups go, the only successful strategy for dealing with failure is diversification (i.e. starting another business). in other words, the only significant differentiator between successful entrepreneurs and unsuccessful entrepreneurs is that the successful guys simply do more deals and start more companies.

[Iamnotsatisfied]

Arrogance, no experience in their fields, haven't tasted failure before hence they work less harder and the pursuit of short profits rather than long term profits.