FAILURES IN ENTREPENEURSHIP

4 CAUSES OF FAILURES IN BUSINESS

• The owner lacks business knowledge
• No innovative ideas in product or how they sell it
• The owner does not take enough risk to be able to get a higher capital
• The owner does not have enough money to invest into a business to make it successful

EXAMPLE OF ENTREPRENEUR WHO HAS FAILED

• Scott Adams, the maker of the Dilbert comic strip, has been quoted that he would sometimes go into risky business moves with his comic with a lot of doubt in it succeeding. This caused some of his strips to not be very well received because he was not confident when he was making them. This hurt his business but he is now a very successful comic strip maker.

HOW SCOTT ADAMS RELATES TO 4 WAYS ENTREPRENEURS FAIL

• Scott Adams' failure relates mostly to the third way a entrepreneur could fail because while he was taking a risk, with the doubt in his mind I'm sure the risk was more subdued so the payoff wasn't as great as he would've hoped.