There has been a trend to try to create one overarching company mission statement. However, they often become “wall art” hanging in the office of little practical use in operating the company.

At its core, entrepreneurship is about the monetization of an idea. That idea emanates from the process of identifying a problem that someone or some business faces and finding a solution. That idea is the very heart and soul of your start-up.

There are many ways for a startup to fail. Some factors, like regulatory changes or input cost increases, are beyond the founder’s control. However, there are three significant actions that entrepreneurs are often guilty of that can kill your company as fast as anything.

Greek historian Herodotus once said, “Great deeds are usually wrought at great risk.” The great company you are building will not come easy. It may require you to go “all in” (and take a prudent risk) to make it work. But what does that mean and when do you undertake such a risky action?

The greatest hurdle to getting startup funding is providing the Investor with the information that illuminates your company and shows the details of why you are “investable.” That is the process of creating a world class Due Diligence package.

Most Businesses fail… sooner or later.
They fail in all sorts of ways: collapsing from the inside, succumbing to outside pressures, etc. In fact, there are far more ways to fail than succeed.

There are a tremendous amount of “time-saving” options available to the entrepreneur. Sometimes, they are; Sometimes they are not; and sometimes, the old ways of doing things can be more efficient.

There are dozens of factors that influence the trajectory of a startup company. Many things that can kill your operation; for example, high cost of goods, the inability to find qualified employees or simply poor management. However, there are only 3 things that can make your company a success.

The increasing importance of the Millennial or Gen-Y Generation, those born between early 1980s and the early 2000s, presents the most significant shift in focus for businesses. This up and coming group may present some unique challenges to new business owners, particularly those from an older generation.

An entrepreneur’s favorite word is “yes.” We are perpetual optimists. Success is always possible. If you ever stop believing that, shut your operation down immediately and find something else to do that will make money.