Creators of new products in environments of extreme uncertainty, startups face enormous risks.
In the US, about 50% of small businesses fail in the first five years. Insufficient capital, over investment, and low sales are just some of the reasons leading to this sobering statistic.
As a startup owner, what can you do to “growth hack” your business and improve your chances of success?
What are entrepreneurs and business builders made of? Who should you bring to your team at different stages of growth, and why?
The answers, according to venture capitalists and business leaders Anthony K. Tjan, Richard J. Harrington and Tsun-Yan Hsieh, are contained their book Heart, Smarts, Guts, and Luck (HSGL). Tackling the human aspect of entrepreneurship, leadership and management, the book surmised that each of us are biased towards one of four traits – namely heart, smarts, guts, or luck – in our decision-making processes.
27 year old Melvin Ong (above) has a vision. And that is to be the king of fries in Singapore.
Together with his partner Steve Tan (also 27), Melvin owns and operates What The Fries! – a snack food outlet located at the basement of J Cube Mall. With the cheeky acronym WTF, the stall has been in operation slightly over a year (it opened on 2 Apr 2012). It serves savoury snacks like Golden Nuggets, Mexicali Wings, Roasted Drumlets, Sunny Hunny Wings, and lots of fries.
GrabCar and Uber has disrupted taxis in Singapore and around the world (Courtesy of GrabCar)
Have you wondered how innovations can be “disruptive”? Or why entire industries can be wiped out with new entrants?
Are you a struggling entrepreneur trying to juggle it all, but find it a tremendous challenge?
Well, perhaps it’s time for you to stop, take a step back, critically evaluate where your business is going, and read The E-Myth Revisited.