Thursday, 15 May 2008

Lessons that are wasted on entrepreneurs

Professor David Storey writes in The FT:
“In the UK, the evidence is that novices are neither more nor less likely to have a business that either grows or survives than experienced founders…

One reason for this is the role of chance in determining whether a business prospers. In spite of volumes of airport lounge books identifying simple recipes for success, the reality is that starting a business is risky. The outcome depends heavily on luck - whether parking is suddenly banned outside your hairdressing shop, whether you or a member of your family become ill, or whether your Great Aunt Mabel dies and leaves you an unexpected legacy..”

Thank you David.

This view 100% per cent supports the recent findings of our Magic Million Survey. To quote the survey:
“Beware when people attribute success to certain key factors/activities - performance (good and bad) is probably related far more to chance than skill, yet people rationalise their success and create a cause–effect explanation.”
“The big difference between winners and losers isn’t the ‘good stuff of growing a business’ but massive energy and a decent dose of good luck.”

The Elusive Magic Million - how to break through the £1m barrier and why you need a sound exit strategy (Growing Business, April 2008)
The Magic Million - webpage
Getting a million out of the business - excerpt from The Magic Million Boardroom Briefing (SMEweb, April 2008).
Professor David Storey in The FT - the full article.
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