Thursday, January 6, 2011

The Art of Running A Business

I came across a great article at The New York Times site.
It's one of the better pieces for the would-be entrepreneur.
There are a lot of crap-articles when it comes to business how-to; articles with more fluff than substance.
It was nice to find a good one.

In my experience as a business owner, the article's 10 reasons small businesses fail are spot-on.

  1. Not enough demand for the product
  2. Owners that can't get out of their own way
  3. Out-of-control growth
  4. Poor accounting
  5. Lack of cash cushion
  6. Operational mediocrity
  7. Operational inefficiencies
  8. Dysfunctional Management
  9. Lack of a succession plan
  10. A declining market

Read the whole article TOP 10 REASONS BUSINESSES FAIL to get an explanation for each of these pitfalls.


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