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Element 15. Staying Power > Practical Experience—This Deserves the Medium Weigh...

Practical Experience—This Deserves the Medium Weight of 2

There are few tactics more valuable in starting a new business than adding a period to the game if you are losing. While that is fantasy in sports, it is a rational strategy for strong ideas and compelling opportunities if you cannot reach your launch objective in a reasonable time. You simply outwait market opposition. How many ventures fail because they exhaust their resources only to watch a look-alike take the idea and bloom in the marketplace? If the investor and other resource vendors can be assured of your staying power, a successful launch is far more certain to occur. Entrepreneurs with financial resources, light-burden second jobs, or a financially robust spouse are often critical to successful ventures. It is certainly true that more than 50% of the launches that were successful in my classrooms over the last seven years succeeded because the entrepreneur was able to carry him or herself during the lean times just before substantial funding arrived.


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