Excerpts of the Interview with John Mullins ? Loy Machedo?s Business Management Notes
John Mullins Profile:
- Author of The New Business Road Test: What Entrepreneurs and Executives Should do Before Writing a Business Plan
- Author of Getting to Plan B: Breaking Through to a Better Business Model.
- Associate Professor of Management Practice
- Holds the David & Elaine Potter Foundationo Term Chair in Entrepreneurship and marking at London Business School.
- 20 Years Experience in the Retailing Industry.
Interview Excerpts:
- The most common outcome for entrepreneurial startups is failure.
- More than 80% of New Businesses Fail within the first 5 years.
- The reason for failure is not having a Plan B or Ineffective Cash Management System.
- Most of the assumption made during the planning phase have no resemblance to reality.
- Too much time, effort and money is spend on so called ?Perfect Business Plans?
- People should assess their business survival on three key areas: Market, Industry & Team.
- Business need to focus more on Innovation and Sustained Growth rather than Fast Growth & Cost Cutting
- To Succeed in Business, you need Extra-ordinary Patience.
- People generally believe if you hit yourself against the wall, the wall will finally break. Most of the time, the wall never breaks. Some times it is better to get around the wall.
- Can Entrepreneurship be taught? Not everyone can learn it. It is more like crossing a raging river during a thick foggy day. You will learn each step of the way, but you do not know what will happen next. Uncertainty is not for everyone.
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