Learning from entrepreneurial failure
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A short overview of how to learn from Entrepreneurial Failure
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Learning from entrepreneurial failure
- 1. Where it went wrong? Learning from Entrepreneurial Failure Ing. M.H.M. Hammer M.Sc.
- 3. What is Entrepreneurial Failure?
- 4. Can you find some examples?
- 5. Practice:
- 6. What could help to prevent an Entrepreneur from failure?Index
- 7. Entrepreneurial Failure Definition: According to the entrepreneur, undesirable stopping the company
- 8. Introduction to the topic Why some entrepreneurs succeed and others fail? At the time of launch all entrepreneurs are convinced of their businesses to achieve success (Shane & Venkataraman, 2000; Driessen, 2005, Shane, 2003). In the Netherlands ± 50% of the ventures is not surviving the first 5 years (Meijaard et al, 2007; Bangma & Snel, 2009). TOP program: dropout rate is 25%, while unaccompanied spin-off companies have a dropout of 40% (University of Twente, 2005).
- 9. Key concepts Why quit a venture (dropout)?: Entrepreneurial exit; quit because of good performance (e.g. Detienne, 2008; Wennberg et al, 2009) Entrepreneurial failure; quit because the performances are not good (e.g. Samuels et al, 2008; Wennberg et al, 2009) Ratio (after 1st 7 years) EE/EF: 50/50 (Wennberg et al, 2009).
- 10. Key concepts Entrepreneurial Failure is divided in (Cardon et al, 2009): tough luck mistakes by the operator Reasons for Entrepreneurial Failure: the entrepreneur (e.g., Simon et al, 2000, Ottesen &, 2005, Hayward el al, 2006) The entrepreneurial environment (Vaillant, 2007)
- 11. Theory Fostering entrepreneurship: the person of the entrepreneur (e.g. Stewart & Roth, 2007, Judge & Ilies, 2002 and Kirton, 1976) the process of entrepreneurship (e.g. Shane & Venkataraman, 2000, Gartner, 1985 and Shapero, 1982). A starting entrepreneur, sequential runs a number of steps (van der Veen & Wakkee, 2004, van der Sijde, 2004, Shane & Venkataraman, 2000, Low & MacMillen, 1988, Gartner, 1985; Shapero & Sokol, 1982).
- 12. Theory Generalized model is that of Veccio(Veccio, 2003): the preparatory phase (pre-start) start, the venture being in action (exploration) stopping doing business (exit)
- 13. Reasons for Failure Lack of experience Insufficient capital (money) Poor location Poor inventory management Over-investment in fixed assets Poor credit arrangements Personal use of business funds Unexpected growth Competition Low sales (Source: Michael Ames, Custav Berle)
- 14. Your turn! Please write down some examples you know of an entrepreneur who failed with the enterprise. Stopped, unwanted. Bankruptcy Closed down with grieve.
- 15. What are causes? What could be causes for the failure? Please write down as much as you can come-up with. (Use yellow post-it’s)
- 16. Goal / Question How to reduce Entrepreneurial Failure (EF) in the post start-up phase of entrepreneurship?
- 17. Finaly: What should have helped the entrepreneur to prevent from failure?
- 18. Research model
- 19. Summarize
- 20. Thank you for your help andattention!
- 21. For more information, suggestions or cooperation, do not hesitate to contact: m.h.m.hammermsc@saxion.nl