A business company established and controlled by the federal government is a public enterprise. Governments of all countries of the world participate in industrial and commercial activities. The primary objective of government undertaking in such activities is to provide public welfare or services to its citizens. In another tactile hands, commercial activities of government help to save the general public from private exploitation and protect the country.
The problem is that confidence sometimes leads to overconfidence. I’ve worked in general management with two start-up companies in my own career. In both cases, I thought the marketplace would quickly adopt the innovative technology of the firms offered. In both cases, I was wrong. A primary challenge for the first start-up with which I proved helpful was that the types of customers we targeted preferred working with larger, competent vendors.
Even though we felt that our product was much better than your competition, we were at a disadvantage because of our size. My second start-up experience was as CEO of the health-care technology company. We were able to continuously get customers, but the process proceeded to go more than anticipated in large part because of extended sales cycles gradually. We thought customers would start to see the value in the product and make decisions quickly.
Many did see the value but were nonetheless slow to finalize a purchasing decision. It might be great if more businesses were successful and lasted for decades. However, history shows us that isn’t more likely to happen. In light of the estimation is that it might be better for more than just 20% of businesses to fail in their first season of operation. That may shock you, but there’s a good reason for my point of view. If you’re destined to fail, wouldn’t it be easier to obtain it over as quickly as possible — like ripping off a Band-Aid quickly to avoid long-term pain? I believe so. There are unique benefits to failing quickly rather than slowly.
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Total losses would be reduced considerably. Business owners can shift gears quicker into a — hopefully — a more profitable endeavor. But how can you fail instead of failing slowly fast? I suggest thinking about your start-up business in a similar way to how drugmakers think about experimental drugs. They first carry out pre-clinical tests in animals to see whether individual testing may pay dividends.
The first stage of human screening typically involves a little amount of patients. Subsequent stages add more patients to the studies. At every step in the process, there are predetermined primary outcome measures (and frequently secondary outcome measures as well). If the target outcomes aren’t fulfilled, the drug usually doesn’t advance to another phase. Third, process, business owners could determine in advance what financial results you’ll truly consider to be appropriate during each quarter of the first 12 months.