The Norman Transcript

Community News Network

March 6, 2013

Think you're too old to start a new business? Think again.

(Continued)

“With over 80 percent of early-stage business owners using personal funds to finance their companies, founders are decidedly willing to take on risk,” said Legal Zoom’s CEO John Suh.

“However, these business owners need additional financing if they are to succeed in helping drive our economy forward. Of the 60 percent of respondents who said they face business difficulties, 45 percent cite lack of access to credit.”

And just how difficult is it for a startup to become successful?

In findings revealed by researcher and lecturer Shikhar Ghosh, and reported by The Wall Street Journal, three out of four startups fail miserably.

Noam Wasserman, who’s a professor at Harvard Business School told a New York Times reporter that many startups fail because having a good idea that investors eventually buy into is one thing, but taking those investment dollars and doing the right things to grow your company is an entirely different skillset.

“When you’re the creator of a company, you’re increasing the chances that you’re going to get fired," he said.

“And when you’re a smashing success, you’re also heightening the chances you’re going to get fired. There are some very concrete reasons for that. Often you begin with a technical founder, a scientific founder, someone with deep knowledge who is the best person to lead the charge during the early development of the product.”

“But as soon as they succeed at hitting that milestone, they have to go and build a company. Often they have the exact wrong set of skills for the next stage of development,” he said.

And as far as that wonderful dream about creating your own app and becoming the next beloved whiz kid, you may want to dream a different dream. The reality of the situation is that two-thirds of the new apps released fail to get even 1,000 downloads, so of course they have to close up shop.

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