Patrick Esposito, author and CEO, illuminates the path to entrepreneurial success. His book, "The Structure of Success," serves as a practical manual for small and mid-sized businesses. In today’s interview he flips the script, diving into failure — and how entrepreneurs can avoid it.
Highlights from the interview:
- Factors leading to Business Failure: Esposito identifies five major causes for small and medium-sized businesses' downfall:
- Disputes between co-owners.
- Inability to evolve the business model.
- Execution failure during a merger, acquisition, or sale.
- Inadequate internal infrastructure.
- Ineffective disaster management.
- Tackling the challenges: Esposito provides sage advice for each business challenge, such as drafting clear shareholder agreements and staying receptive to customer feedback.
- Understanding the Complexity of Scaling: Emphasizing the essential role of delegation, Esposito advises businesses to acknowledge personal limitations and employ specialists for critical operations.
- Dealing with Ambiguity: Esposito advocates for swift and diligent decisions rather than waiting for perfect data, allowing for necessary adjustments later.
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