Entrepreneurs should know tricks of the trade else they’ll be running away with passbook vending machine instead of ATM

Entrepreneurship has become a la mode these days.

However, the failure rate of entrepreneurs is as high as up to 90 percent. The U.S. Bureau of Labor Statistics (BLS) of years between 1990 and 2016 shows that, on an average, the survival rate of new business is only around 20 percent.

In India also, there is a high failure rate of entrepreneurs and aspiring entrepreneurs need to do a bit more exhaustive homework before jumping on the “in-thing” entrepreneurship.

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“Young entrepreneurs don’t know what they don’t know and they often end up changing the world, but also have a much higher failure rate. Older entrepreneurs will have higher probability of success due to an ability to leverage their past experience to attract funds and talent and scale the enterprise,” says Ashok Soota, Co-author, Entrepreneurship Simplified and Executive Chairman, Happiest Minds.

The strategic humour story “Entrepreneurs need to know the tricks of the trade: Running away with passbook vending machine instead of ATM!” stresses the importance of knowing the tricks of the trade for entrepreneurship.

Here, have a look!

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(This article is authored by Prof. Rajesh K. Pillania. He has been judged as Best Faculty for Strategic Management in India by ASSOCHAM & Education Post and is ranked jointly #1 for research productivity among management professors in India. He is author of Strategic Humour book and is faculty of Strategy with MDI, Gurgaon.)