The Wall Street Journal recently published a story related to innovation and small business: “You Have a Great Idea. Now What Do You Do?”
Take a look at this Wall Street Journal infographic.
Now, click on the image below to access a very interesting audio clip.
Some say entrepreneurialism is easier now more than ever with near the ubiquitous access to technology and the internet throughout the world, though as this infographic demonstrated, not all great ideas turn out to be profitable ventures. The tragedy in startup culture is that which makes entrepreneurship so easy now also makes it fiercely competitive. Anyone with a bright idea, and the skills necessary to make it happen, have so many resources now to help them get it off the ground, whether it be with investors, creating a social media frenzy, crowd sourcing the funding, etc. The startling statistics show that between 70%-80% of all startups fail to see a projected return on investment, while 90%-95% fail to achieve another benchmarked projection. The tragic reality is that things almost never turn out the way we plan them to, especially when it comes to building a new business. The New York Times posted a great article on the darker origins of Twitter’s founding, and the lesser known side of startup culture in Silicon Valley. Certainly worth a read in relation to these statistics: http://www.nytimes.com/2013/10/13/magazine/all-is-fair-in-love-and-twitter.html?ref=magazine&_r=0
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