The failure rate for entrepreneurs is somewhere between 60% to 70% in the first 5 years in most countries but in the technology sector this number climbs as high as 98% in some cities like Los Angeles. These numbers are masked by Snapchat like success stories but it is the goal of Expert DOJO to lower this failure rate by a substantial amount.
Our frustration is that the reason for much of the failure can be avoided by following the principles of our larger company neighbours. Lets look at some of the key attributes of a larger successful company compared to a start up:
- Start ups do not generally create strategic plans to include SWOT analysis and balanced scorecards. Corporates do.
- Start ups do not study for their vocation and most larger companies would not hire unqualified people.
- Start ups are not good at creating a strong process to safeguard the company and larger companies do.
- Start ups are optimistic beyond reality and larger companies base projections on probability.
We love start up culture here at Expert DOJO and never want to do anything else but we have to take some of the lessons of success to heart to be successful.