This week’s blog is similar to last week, July 15, 2024 as we think about what makes our startup fail or even brings us down some years into it. Toby Miles* has written about the seven reasons why missional businesses fail, and I have expanded on them here. Think about it – are you at risk for any of these? If so, there is help from coaches and consultants with a robust experience in the kinds of things that you face. Think through this checklist with your management team and then take action.
- _____ Faulty foundations (Validation of core values, balance, identity, why are you here?)
- _____ Philosophy of Work (Full-time in the business, integration of the social/spiritual with the business).
- _____ Feeble Finances (Training in raising startup capital, loans, etc., research and realistic financial projections).
- _____ Inadequate leadership team (Where is the business experience, team fit, training and equipping, coaching?)
- _____ Poor Planning (No business plan, proof of concept, customer validation, problem to be solved, value proposition).
- _____ Mystery of Marketing (Client’s need, core messaging, marketing channels, step-by-step marketing plan, execution).
- _____ Consideration of Risks (What if’s, clarity of expectations, talking through the unexpected).
* https://www.amazon.com.au/Reasons-Tentmaking-Businesses-Fail-Overcome-ebook/dp/B00BB8XSVI
Larry W. Sharp, BAM Support Specialist, IBEC Ventures
Larry.Sharp@ibecventures.com