If your business has failed and you want to start anew, Stephanie H. Yeh, co-author with Raymond T. Yeh of The Art of Business: In the Footsteps of Giants, suggests asking these questions about your first business venture:
- Did I put the customer at the center of my universe? Says Yeh, “Entrepreneurs can get fascinated with whatever hot idea [they have], and they don’t see the customer.”
- Was I passionate about this business? Why did I want to do this? Was it just for money?
- Did I target a niche? In a competitive space, did I make my company offering different? Was I better, cheaper, faster than the competition?
Honestly examining these issues can help you prepare for a new business.
PPL-4Ever on November 10th, 2005 at 12:29 pm
From the suggestions above, I have to think that if you were only in it for the money you were doomed from the start.
I fully belive that you have to have some passion for helping others if you ever want to get anywhere in the business world.
Of course, those are just my thoughts. I could be wrong…