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A same-industry start-up failed: you needn’t suffer the same fate

On Behalf of | Aug 8, 2017 | Business Formation & Planning |

Can you learn from the failures of others?

You know you can, of course, with close analysis of third-party mistakes often being critically important to the success of individuals who duly heed them and employ avoidance strategies for the future.

As true as that is generally, “learning from others’ errors” is a virtual business model and blueprint for potential success in the commercial world, which is flatly Darwinian.

A recent Business Insider article echoes that assessment of the business universe with its depiction of that realm as a “cruel world.”

The publication notes that approximately two-thirds of American businesses aren’t around to celebrate a first-decade anniversary.

The reasons for businesses going under in Connecticut and nationally are many, though, as the Insider notes, often linked. Cash-flow problems lead to other issues. Principals don’t get along or are not well aligned in their professional duties. The business plan regarding customers, products and prices might be murky. A hundred other factors could additionally be in play.

The failures of others can be eminently instructive for entrepreneurs striving hard for success. Doing things right, and at the proper juncture, is obviously key for any business seeking to endure and prosper.

Established business attorneys routinely work with clients to promote that objective, bringing their professionalism to bear in wide-ranging matters. Those centrally include the rendering of advice on formation matters, financing options and management selection/structure to counsel on identifying and mitigating risk, dealing with employment and contractual issues, and resolving conflict.

A proven commercial attorney with a deep well of experience promoting the interests of diverse business clients can provide further information.