Wednesday, February 9, 2022

g-f(2)915 THE NEW WORLD (2/9/2022), Forbes, Why Do Startups Fail And Can We Create An AI Formula To Prevent Failure? An Interview With Harvard Business School Professor Tom Eisenmann




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"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital ageThe New World, Entrepreneurship (2/9/2022)  g-f(2)426 


Lessons learned, Forbes  

EXCEPTIONAL “Full Pack Golden Knowledge Container”



Professor Tom Eisenmann’s: “Why Startups Fail: A New Roadmap for Entrepreneurial Success”



Being a young entrepreneur, my goal in this research is to help fellow entrepreneurs avoid known pitfalls. That is why, I was intrigued by Professor Tom Eisenmann's  book titled, “Why Startups Fail: A New Roadmap for Entrepreneurial Success.”

  • It is a well-known fact that 90% of startups fail. We all hear lack of funding as a key reason for startup failure. But have you ever wondered if there was research done on reasons for startup failure? What are the structural reasons that result in startup failure? What can startups do to avoid the path of death? These questions led me to interview Thomas R. Eisenmann who is the Howard H. Stevenson Professor of Business Administration at the Harvard Business School, Peter O. Crisp Chair, Harvard Innovation Labs, and Faculty Co-Chair of the HBS Rock Center for Entrepreneurship.
  • After learning about the six reasons why startups fail that are outlined in Professor Eisenmann's book, I was curious to get his opinion on the top reason within these six.
  • Professor Eisenmann was quick to name the top reason as diving in too fast without studying the market for the product. 


Genioux knowledge fact condensed as an image



Taarini Dang interviews Harvard Business School Professor Tom Eisenmann on Startup Failures





References





ABOUT THE AUTHORS


Taarini Kaur Dang


Taarini Kaur Dang is a High Schooler, the youngest Venture Capitalist, TEDx Speaker, Forbes Writer, and Diversity Champion. She is the Founder and Managing Partner of a Venture Capital firm called Brave14 Capital for which she has raised $870k in funding from top Venture Capitalists and Institutional Investors in the US. 

Taarini is the co-Founder of a diversity empowerment Instagram account called @ClassyWomenn which has ramped to 1.1 million followers in 4 years across 10 Asian countries. She has helped over 500 individuals on a one-on-one basis so far. 

At the age of 13, she wrote a book (The Young Aspiring Entrepreneur) which has a foreword from Intel Capital President Wendell Brooks and quotes from Stanford Professor Chuck Eesley, Intel’s Chief Diversity Officer Barbara Whye, Oracle ex-President Ray Lane and author Linda Swindling. She has been an invited speaker at top conferences, like Google Launchpad Female Founders Summit, Collision conference, TiECon, Women’s March, ATEA, AI ShowBiz Summit, etc. 

She has been the only speaker under the age of 18 at these conferences. She has been featured in media by BBC, Nasdaq, Mercury News, etc. 

In 2019, she was ranked among the Top 100 Women in Finance in India. She is also the youngest person to win the Young American-Indian Award which she received from the Indian Ambassador to the US Navtej Sarna for her work in entrepreneurship.



Extra-condensed knowledge



Lessons learned, Forbes  


Professor Tom Eisenmann’s: “Why Startups Fail: A New Roadmap for Entrepreneurial Success”


  • In sum, I enjoyed learning about startup failure during the discussion with Professor Tom Eisenmann. While discovering a structural framework and a deeper thought process, I felt that his book does an excellent job of laying down the fundamental reasons behind startup failure. I hope this interview and the book are helpful to founders who are entering the fascinating world of entrepreneurship. Go big but think first!
  • Professor Eisenmann was quick to name the top reason as diving in too fast without studying the market for the product. He elaborated that a lot of the startups jump too quickly to build a product without doing market analysis. This wastes capital and human resources for at least four months. As Professor Eisenmann explained this, my mind raced to examples of several startups I have seen in Silicon Valley that end up changing their direction. While I admire startups being agile and shifting their focus area either adjacently or orthogonally, I agree with Professor Eisenmann that more diligence on the upfront market study could alleviate a lot of pain that startups and their investors go through when they do not find a product-market fit eventually. The Professor termed it the false start and found it analogous to how an athlete jumps too soon to get an edge over competitors but ends up losing the race.



Condensed knowledge




Lessons learned, Forbes  


Professor Tom Eisenmann’s: “Why Startups Fail: A New Roadmap for Entrepreneurial Success”


  • During the discussion, we did not stop there on the topic of a false start. Professor Eisenmann delved into the human psychology behind the false start. He mentioned that given the natural impulse of entrepreneurs, speed is their currency. 
  • Professor Eisenmann has received positive feedback about the book from entrepreneurs who have thanked him and made alterations to their business plans.
  • Professor explained that entrepreneurship is about storytelling, so having a big vision is important for entrepreneurs to be able to convince strategic partners, investors, and potential employees to believe in their vision. 
  • Professor Eisenmann explained how hyper-speed could spell disaster for startups. Entrepreneurs love growth. Investors love growth. Infact, Y-Combinator says growth is core to a startup. So, it is possible to grow too fast in a direction that can be chronically unprofitable.
  • Having discussed with Professor Eisenmann on causes of startup failure, I was curious if we can create a mathematical formula that can predict startup success using attributes of entrepreneurs and investors. 
    • Professor Eisenmann has tried that. In the appendix to his book, he explains his survey of 470 early-stage founders of mostly software-based businesses who launched startups between 2015 and 2018 and raised at least half a million dollars but no more than 3 million. 
  • Can Artificial Intelligence (AI) predict success rate? Professor Eisenmann doesn't believe so and explained that the problem of training the AI models is with the use of historical startup data. Historically, an awful lot of startup data is collected towards a certain type of founders due to gender bias or bias towards the underrepresented minorities. 
  • Do you think ethics have a role in startup failure? Professor Eisenmann said "no doubt about it." The slippery slope is always there as an entrepreneur. Entrepreneurs at every step of the way have to make ethical decisions of the representations they make. Usually, they're constantly selling basically nothing, just a vision. 


Some relevant characteristics of this "genioux fact"

  • Category 2: The Big Picture of the Digital Age
  • [genioux fact deduced or extracted from Forbes]
  • This is a “genioux fact fast solution.”
  • Tag Opportunities those travelling at high speed on GKPath
  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
  • Type of validity of the "genioux fact". 

    • Inherited from sources + Supported by the knowledge of one or more experts.


References


“genioux facts”: The online programme on MASTERING “THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)915, Fernando Machuca, February 9, 2022, blog.geniouxfacts.comgeniouxfacts.comGenioux.com Corporation.


ABOUT THE AUTHORS


PhD with awarded honors in computer science in France

Fernando is the director of "genioux facts". He is the entrepreneur, researcher and professor who has a disruptive proposal in The Digital Age to improve the world and reduce poverty + ignorance + violence. A critical piece of the solution puzzle is "genioux facts"The Innovation Value of "genioux facts" is exceptional for individuals, companies and any kind of organization.




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