I quite liked some of these from last year, even though they are for the USA
I think the stats are worse for Ireland, but, in summary,
- Half the businesses are gone in four years.
- Nearly half the time because of incompetence.
- But the leading Management mistakes are classic: no WHY! Listening to Family and friends instead of business experts, pride, lack of market awareness.
- I think we have some good ideas to help!!!
|% of Failures||Specific Pitfalls|
|2||30%||Unbalanced Experience or Lack of Managerial Experience|
|3||11%||Lack of Experiences in line of goods or services|
|4||1%||Neglect, fraud, disaster|
|Leading Management Mistakes|
|1||Going into business for the wrong reasons|
|2||Advice from family and friends|
|3||Being in the wrong place at the wrong time|
|4||Entrepreneur gets worn-out and/or underestimated the time requirements|
|5||Family pressure on time and money commitments|
|7||Lack of market awareness|
|8||The entrepreneur falls in love with the product/business|
|9||Lack of financial responsibility and awareness|
|10||Lack of a clear focus|