All start-ups have to thread a lot of needles, on the first try, to be successful.
Attributing failure to specific mistakes or broad categories - either the ones the Harvard prof identified in the article or the ones that prof sneered at - is probably oversimplifying the situation. Note that the prof isn't quoting the entrepreneurs as primary sources, but making a lot of statements of his own, without demonstrating that he actually ASKED THEM. The entrepreneurs themselves should be given a way to speak for themselves.

Quote:

The entrepreneurs themselves should be given a way to speak for themselves.

The problem with that, of course, is how many of them are self-delusional; some problems can only be clearly seen from the outside. Secondly, the same self-delusion is part of the winning formula, since it takes absolute faith in success to overcome all those obstacles to that success in the first place.

TTFN (ta ta for now)
I can do absolutely anything. I'm an expert! https://www.youtube.com/watch?v=BKorP55Aqvg
FAQ731-376: Eng-Tips.com Forum Policies forum1529: Translation Assistance for Engineers Entire Forum list http://www.eng-tips.com/forumlist.cfm

GregLocock,

I have been through some lean manufacturing training, and I have problems with the concept of lean startup.

Ideally, my new product idea involves esoteric technology that only I understand. The next best thing is patent protection, followed by being first to market. I have some capability to be stupid, disorganised and inefficient. The best case is that my competitors will have to wait for my patents to expire. I have some, possibly not very much, breathing space before I have to compete on price and quality.

I started work with a bleeding edge technology company. I was there as the technology increasingly mainstream, and the company grew into a medium sized manufacturing entity.

To start up, you need to know your product and your customer. You need to quickly learn lean methods.

--
JHG

The 'custom fit' apparel business is interesting to me, because my wife is interested in clothes, and has trouble finding exactly what she wants, which leads to many jolly hours in the posh clothes shops. She tried one of these startups, where you wear a one piece suit covered with dots and take pictures of yourself. The way it was written they then cut the cloth to suit your measurements. What really happened was they sent you the stuff that had been made already that more or less approximated to your measurements. That failed.

Cheers

Greg Locock


New here? Try reading these, they might help FAQ731-376: Eng-Tips.com Forum Policies http://eng-tips.com/market.cfm?

Quote:

"neither founder had experience with clothing design and manufacturing"

The article said both were consultants, and a lack of experience is rather stereotypical of both consultants and startups so that is not surprising. Given their background and entry into one of the most competitive industries, I'd have been pretty surprised to hear that they succeeded. JMO after working with many startups and small companies, but I don't judge anybody with money. Business isnt really about competence or experience but rather the ability to bring in profit.

Can't spell "dumbass" without "MBA".

What do entrepreneurs and burglars have in common?

TTFN (ta ta for now)
I can do absolutely anything. I'm an expert! https://www.youtube.com/watch?v=BKorP55Aqvg
FAQ731-376: Eng-Tips.com Forum Policies forum1529: Translation Assistance for Engineers Entire Forum list http://www.eng-tips.com/forumlist.cfm

"We're MBAs, we can fix anything." So can veterinarians.

============
"Is it the only lesson of history that mankind is unteachable?"
--Winston S. Churchill

It takes a MBA to run a company.
It takes a MBA to ruin a company.

Only a single letter difference. Both are true. But in my 40+ years of experience I've the last line occur far more times than the first.

I love this thread .....

MJCronin
Sr. Process Engineer

All generalizations aren't worth a damn, including this one!

Mike McCann, PE, SE (WA, HI)

Quote ("We're MBAs, we can fix anything." So can veterinarians.)

and taxidermists... either way you get 'Fluffy' back...

Quote (Only a single letter difference. Both are true.)

and a spell chucker misses them both...

Rather than think climate change and the corona virus as science, think of it as the wrath of God. Feel any better?

-Dik

Quote:

and a spell chucker misses them both

Never can find a decent magician when you need one.

TTFN (ta ta for now)
I can do absolutely anything. I'm an expert! https://www.youtube.com/watch?v=BKorP55Aqvg
FAQ731-376: Eng-Tips.com Forum Policies forum1529: Translation Assistance for Engineers Entire Forum list http://www.eng-tips.com/forumlist.cfm

Hehehehe...

Rather than think climate change and the corona virus as science, think of it as the wrath of God. Feel any better?

-Dik

dik...

Yes, but to a veterinarian, "fix" has a special meaning.

============
"Is it the only lesson of history that mankind is unteachable?"
--Winston S. Churchill

Quote (Yes, but to a veterinarian, "fix" has a special meaning.)

I was aware of that distinction prior to posting... done in humour... that's all.

Rather than think climate change and the corona virus as science, think of it as the wrath of God. Feel any better?

-Dik