Why do Entrepreneurs Succeed?
A recent CB Insights post-mortem of 110+ startups identified the top reasons that startups fail. There isn't always one reason; nothing is that simple. Not surprisingly the smallest number failed due to a lack of passion; entrepreneurs tend to have a lot of that. What is perhaps surprising is that all of the other reasons cited can be avoided by adopting proven business startup and management practices.
Entrepreneurs succeed because they understand that their passion, perception and creativity have to be backed-up with knowledge, strategy and people.
The LDA platform enables a business to create, adapt and continuely execute a well informed business plan by integrating knowledge, strategy and people. Each of our iPlaybooks, guides the entrepreneur through a rigorous process that allows them to navigate the pitfalls many startups fail to spot, until it’s too late. And they can utilise the knowledge and experience of our Associates to address areas that may be specific to them, for example, industry-focus or logistics.
All of the reasons startups fail map on to specific LDA iPlaybooks; most are part of the Business Master Playbook, where a business is taken through a five-stage development process designed to ensure the entrepreneur has created a business strategy based on facts, analysis and sound judgement.
To learn more about the LDA iPlaybooks, click on a specific iPlaybook below or here to discover all that the LDA solution provides.
So What Does Success Look Like?
Success looks like a process; a formula. And passion. And lots of hard work. Entrepreneurs bring passion and hard work and LDA provides the formula and people to create the chemistry. It is the combination of knowledge, strategy and people that enables LDA to create a unique business environment, where entrepreneurs and existing business leaders can hone their craft, seek specialist advice and create a business-specific strategy that maximises the opportunity for success.