Great startups may fail for any number of reasons. Perhaps the founders are great at certain critical functions but fall down on others. Perhaps funding is simply inadequate, though that too may be traced back to a lack of experience and expertise with respect to a specific area (in this case, the finance function). Regardless of the reason for failure, the fact is that it is very difficult to turn a product or service into a business is hard, often because the creative entrepreneur with the great idea does not have the same level of skill, training, experience, and passion in the other critical areas required to turn the idea into a successful company.
There are many decisions that are critical to the success of the business, some of which naturally fall outside the expertise of the entrepreneur. Direction around items like attracting and retaining key people, accounting and finance, and being able to negotiate various contracts can make or break a young company.
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