Why Startups Fail Building A Successful Business?

Why Startups Fail Building A Successful Business?

Why Startups Fail Building A Successful Business? Building a successful business is every entrepreneur’s goal—but only I in 12 succeed in doing it. Why do startups fail? The Startup Genome project analyzed data from 3,200 companies and came up with some answers. At the core of any successful business are two things: a good product and a large market for that product. In other words, a startup should be able to scale. And to scale properly, it must balance the growth of five core dimensions: customers, product, team, business model, and funding. The dominant reason for failure: premature scaling of one or more of those dimensions.

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"If you don't see yourself as a winner, then you cannot perform as a winner." — Zig Ziglar

"If you don't see yourself as a winner, then you cannot perform as a winner."— Zig Ziglar (Motivational author and speaker)

Inspiring Thoughts, Inspirational Advice from Professionals

International Business - THE MAKING IT! TV SHOW

In 1992, Rafath Ali (www.ingeneum.com) seized the opportunity to acquire KEMCO MANUFACTURING, a machine and tool supplier that was founded in 1955.  During Kemco's 50th year in business, he decided to diversify and rebrand the company.  He asked his son-in-law Haider Nazar to join Kemco.  Together, Rafath and Haider sought to provide engineering solutions for new programs in addition to software development.  This led them to create new segment of their business under the new brand: INGENIUM, which means "power of mind" in Latin.  To help support their new services, they acquired a call center in India to better serve their clients.  The Missouri-based company has served high profiled clients like The Boeing Company and hopes to continue its international expansion by cultivating relationships with new customers. 

Two global business experts talk about strategies of taking businesses out of the country.  Charles Woo (charlie@megatoys.com) is the CEO of MEGATOYS, an international toy importer and exporter with offices in China, Hong Kong, and Los Angeles.  He has found success by developing relationships with local and international trade organizations and financial institutions.  Charles stays connected with international branches through the internet.  Most importantly, he believes that companies need to successfully deal with cultural differences in order to flourish in the global market. Richard King is the chairman and founder of KING INTERNATIONAL GROUP, which has 35 years experience in international business consulting.  Richard emphasizes the importance of establishing trust with one's clients.  To accomplish this, he believes conducting face-to-face meetings is a must.

In Secrets of Success, President of Media Monster Communications, Stacey Kumagai (mediamonster@yahoo.com) gives advice on how to think like an entrepreneur.  

The studio guest is Norma Clayton (norma.b.clayton@boeing.com), Vice President of Supplier Management at Boeing Integrated Defense.  

Title: Making It! TV - Best of: Conceive It, Achieve It!

Show: #494

Recorded Date: 8/28/2005

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