Pauls Valley, OK, Pauls Valley Democrat

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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Community News Network
  • Dangerous Darkies Logo.png Redskins not the only nickname to cause a stir

    Daniel Snyder has come under fire for refusing to change the mascot of his NFL team, the Washington Redskins. The Redskins, however, are far from being the only controversial mascot in sports history.  Here is a sampling of athletic teams from all areas of the sports world that were outside the norm.

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  • 'Rebel' mascot rising from the dead

    Students and alumni from a Richmond, Va.-area high school are seeking to revive the school's historic mascot, a Confederate soldier known as the "Rebel Man," spurring debate about the appropriateness of public school connections to the Civil War and its icons.

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  • Fast food comes to standstill in China

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    July 28, 2014 1 Photo

  • Screen Shot 2014-07-28 at 1.33.11 PM.png VIDEO: High-dive accident caught on tape

    A woman at a water park in Idaho leaped off a 22-foot high dive platform, then tried to pull herself back up with frightening results. Fortunately, she escaped with only a cut to her finger.

    July 28, 2014 1 Photo

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    We all know there are only two types of people in the world: cat people and dog people. But data from market research firm Euromonitor suggest that these differences extend beyond individual preferences and to the realm of geopolitics: it turns out there are cat countries and dog countries, too.

    July 28, 2014 1 Photo

  • How spy agencies keep their 'toys' from law enforcement

    A little over a decade ago, federal prosecutors used keystroke logging software to steal the encryption password of an alleged New Jersey mobster, Nicodemo Scarfo Jr., so they could get evidence from his computer to be used at his trial.

    July 25, 2014

  • Russia's war on McDonald's takes aim at the Filet-o-Fish

    Russia said earlier this week that it had no intention of answering Western sanctions by making it harder for Western companies to conduct business in Russia.
    But all bets are off, apparently, when you threaten the Russian waistline.

    July 25, 2014

  • cleaning supplies Don't judge mothers with messy homes

    I was building shelves in my garage when a neighbor girl, one of my 4-year-old daughter's friends, approached me and said, "I just saw in your house. It's pretty dirty. Norah's mommy needs to clean more."

    July 25, 2014 1 Photo

  • Arizona's prolonged lethal injection is fourth in U.S. this year

    Arizona's execution of double-murderer Joseph Wood marked the fourth time this year that a state failed to dispatch a convict efficiently, according to the Constitution Project, a bipartisan legal group.3

    July 24, 2014

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