What are the key concepts of entrepreneurship? I tend to revise this question by asking, “What is the key concept of entrepreneurship?” Based on my personal and professional experiences, I always begin with cash flow. My experiences include private and university research on entrepreneurship, a partnership with four brothers for over a decade, and working relationships with entrepreneurs. Through my experiences and those of my highly respected colleagues, we find that the Achilles heel of the majority of new start-ups is the “burn rate” – the rate at which scarce financial resources are utilized. Why does the miscalculation occur? Is it over-optimism with regard to the market plan, pricing of the product/service, or overzealousness? Or, is it that the firm has failed at market intelligence, competitive analysis, or management? (more…)

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