Question

1 page summary of an article related to why do entrepreneurs fail

Answer 1

Entrepreneurship largely is based on persistence and passion amd commitment and zeal to keep pushingbeyond limits even when going gets tough and look for continuous innovation and ways to pumpin cash flows which many entrepreneurs fail to understand.

The lack of patience and persistence to keep innovating and being first mover and generating funds is biggest bottlenecks for growth.

Inability to forecast and adopt visionary leadership and sustainability in business with unplanned rollout of business causes them to shut down.

This is coupled by market environment factors like hypercompetition, changing consumers preferences, government bureaucracy, multiple laws and taxation amd strong compliance standards.

Any successful business is run by teamwork as corporate management is like playing football where all players cojointly strive forward for common goal.

Starting with HR which forms crux of employment and widening and talent acquisition, employee engagement, talent spotting, reserving and growing talent, promoting talent, corporate governance, ethical management and industrial labor relations has the potential to build strongest base for organisations.

Financial team comprises of risk management and investment banking, accounting, payments, and legal and audit requirements.

Marketing teams handle sales, marketing, public relations, digital marketing, analytics, strategy development.

Operations team make up for supply chain management, logistics, purchase, procurement, maintenance, supervision and engineering.

IT forms technical and analytical support and cyber security rusk support.

Thus we see all teams are intee related and it is cross functionality that drives success. Eliminate any one function and whole organisation gets paralysed. If HR doesn't work the administration collapses. If Finance doesn't work out no marketing expenditure can be taken ahead. If Operations doesnt work there is no production nor sales.
If IT doesnt work there is no marketing and no payment mechanism.

Hence all functions are extremely important and independent. However in overall opinion Hr forms the base because HR function recruits people who are biggest stakeholders and any degradation or malfunctioning in HR can destabilise any organisation.