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Dec 04

The Seeds of Failure? part 2

You don't need more opportunities, you need better execution. The attribute that often makes entrepreneurs a success, skill in developing new products or services, is less critical and may even become a detriment as a company grows and evolves. To grow a business successfully, execution and management must replace creativity and entrepreneurial flair. Generally, there are more than enough opportunities to improve and expand in the core business, but for entre-preneurs, boredom sets in. The thrill is gone, the hard work is at hand. Unfortunately, the typical entrepreneur's strength is in creation of new opportunities, not in implementation.

Entrepreneurs who don't see or who resist these evolutionary changes in their company, either loss their jobs or prematurely kill their companies. Those who sense the need for better execution can either change their style or bring in "hired hands." Changing styles is kin to changing personalities. So, often the best solution for the entrepreneur is to become the company's godfather, resident genius, or mad scientist The founder of Lotus Corp., took this path. He turned his company over to Jim Manzi, and headed up the Lotus' R&D efforts. Eventually, he left Lotus, and the company prospered.

Investors are wary of new schemes. In most cases, when people invest in your company it's because they believe in your product or market concept. When you start pursuing other opportunities, investors get nervous and are apt to ask themselves: "What have I really invested in?" Especially, if you haven't fully delivered on the original concept.

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