Why Do Passionate Entrepreneurs Fail?

Written by Frank DeSantis, Certified Growth Wheel Trainer, Former Emerging Enterprise Center Program Director

The link below is to a great article in HBR on Passion vs. Preparedness, and reflects what I believe is the approach the Emerging Enterprise Center tries to take with their Incubator companies.

An entrepreneur has to have passion. It’s entirely too hard to start and run a business if you don’t absolutely love what you are doing! Apparently, according to this research, passion is a key ingredient to attracting attention of investors, especially novice investors, those typically found on crowdfunding sites.

Long term success, however, depends upon your ability to be prepared to scale the business. For that you need to have a vision (what do you want to be when you grow up), a game plan (strategy or business plan), and the processes and procedures to replicate what you do and how you sell. For more experienced investors, the passion and the concept may attract them initially, but they move quickly to determining how prepared they are for success; what is the experience of the management team; have they started a business before; is there a market; have they proved the concept?

At the Emerging Enterprise Center, they try to help you focus first on DRIVING YOUR BUSINESS (sales), while in parallel, developing the business skills and the policies/procedures to enable you to take advantage of opportunities that help you achieve your vision.

I believe you can have and, in fact, need both: PASSION AND PREPAREDNESS!

https://hbr.org/2015/07/for-founders-preparation-trumps-passion

Boost Your Spirit!

Nonprofit organizations are all around you. Each nonprofit has a specific cause that they are working to better. Today, there is a nonprofit for almost any possible cause you can imagine. These nonprofits function on your donations. Without your donations of money or time, some of these causes will never be confronted. Although it is hard to part with our hard, earned money, there are a number of benefits of donating to a nonprofit organization. There is nothing wrong with rewarding yourself with that money you earned but it might feel more satisfying to reward someone else with it. It’s about that proud feeling you get knowing that you have done something that may help others and support a cause you care abouboostt it.

A recent study by Harvard Business School faculty and graduate students titled “Feeling Good about Giving: The Benefits (and Costs) of Self-Interested Charitable Behavior,” explores the ways in which charity donations can benefit your psychological, spiritual and emotional well-being. So do yourself a favor, boost your spirits, help a cause, give yourself a tax deduction, and donate.

Did you know that the Emerging Enterprise Center (EEC) is a nonprofit? We are looking for donors like you to help us support our local entrepreneurs. These entrepreneurs in New Castle County will help our local economy grow and bring more business and jobs to the area.
The EEC is designed to provide business support services to entrepreneurs and associated companies in New Castle County, Delaware. The incubator is not merely about a physical building offering lower rental rates, but rather is a profishbowlmoneygram intended to help new businesses succeed to the point of “graduating” from the program within a defined time period. The EEC provides mentoring, educational opportunities, networking events, shared office equipment, receptionist services, and other amenities that are vital to the success of a new business.

Participants have access to customized business and technical assistance geared toward the specialized needs of individual companies. The EEC provides an environment in which like-minded businesses accelerate their potential through interaction, partnerships, joint ventures, and other mutually beneficial collaborations.

Don’t you want to be a part of something that helps New Castle County and Delaware grow?
Donate to the EEC to keep the doors open, lights on, and programs going. Boost your spirit now by donating today.

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Entrepreneurs! A Mentor can help you fast track your learning curve

Starting a business can be a daunting task! Ask any successful entrepreneur and they’ll tell you that they may have had a great idea, great enthusiasm and some great customers, but soon the reality hits…. There is more to running a business. It helps to have a support network, to help keep you focused on the things that will make your business successful.

The Emerging Enterprise Center at the New Castle County Chamber of Commerce offers assistance to early stage, start-up businesses in New Castle County and the greater Wilmington region. The incubator program helps nurture the entrepreneurial spirit while promoting economic development in New Castle County by providing affordable office space and business support services, as well as, training, mentoring and a network of professional advisors.

A key component of nurturing the entrepreneurial spirit is through the Mentor Program at the EEC. It is designed to provide participating companies in the EEC Small Business Incubator Program with job-specific guidance to fast track their learning curve.  The Mentors help the EEC Company Teams by keeping them focused on the important priorities, clearly articulating their business vision, challenging their benchmarks/milestones, developing and executing on action plans, and assisting them, where appropriate, with developing a network of contacts. Mentors are drawn from diverse business fields, and are experienced, well-qualified professionals, who can relate to the challenges facing early-stage companies. The Mentors have networks in the region and have volunteered to share their knowledge and expertise with Company Teams at the EEC.

Contact us today at 302-737-4343 or info@eecincubator.com to find out more about how we can help you and your business.

 

Either Ride the Wave, or Watch as it Passes by

There’s a storm brewing in the business community. It’s building around technology, and Delaware just may be in the forefront. Delaware Innovation Week held last week, encompassed 20+ events across Wilmington and New Castle County. It brought together entrepreneurs, technologists, civic leaders and investors.

Two years ago, at the Economic Development Council Luncheon, presented by the New Castle County Chamber of Commerce, the keynote speaker was Steven Rosenbaum, Entrepreneur-at-Large for New York City. What resonated with me was him saying that it was “no longer just around biotech or medtech.

Traditional industries were being disrupted by technology. It was becoming “Industrytech”, like financetech and manufacturingtech. We’re already familiar with disruptive technologies. Companies like Uber, Airbnb, Amazon, LinkedIn, eTrade, Turbo Tax, and Expedia have revolutionized entire industries. These are frictionless business models, where technologies are used to identify and resolve inefficient processes in every industry. DeliveryCircle® , a Delaware start-up has done this for small package delivery; matching drivers, consumers and merchants in a fast, easy, seamless transaction. Soon, every company will be a software company.

Fast forward to today in Delaware. Established incubators, the Emerging Enterprise Center and Delaware Technology Park have been joined by the CoinLoft and 1313 Innovation, giving start-ups and entrepreneurs, different types of work spaces.

Zipcode, an intense 12 week program that trains people how to code was launched with the support of private companies like JP Morgan Chase, Capitol One and Chatham Financial. Techies have been getting together at Tech Mashups, and Global StartUp Weekends, to exchange ideas and build a community. Technically Media came to Delaware. Technical.ly grows local technology communities by connecting organizations and people through news, events and services.

Delaware Innovation Week ran November 13th -20th. There were events built around major tracks: Business, Civic, Creative, Dev (Development) and Media, plus events that companies and organizations staged that were incorporated into those tracks. Two specific events demonstrated why Delaware has become a Storm Chaser in this technology tsunami. At Technical.ly Delaware’s Stakeholder Luncheon, 40 people gathered to discuss the state of the tech community in Delaware. Someone commented, “it was a long way from the days when the same tech people sat around telling each other over and over again that something needed to be done”. You had Jeff Flynn from the City of Wilmington, the NCC Chamber of Commerce, along with graphic designers, developers, bankers, coders, and entrepreneurs sharing ideas, accomplishments, challenges and goals. It was a picture of diversity not typically seen in either a techie group, or in the boardroom. The 2015 Innovation Awards was another example. There were typical “tech-type” companies recognized,  but two were not typical; #HugACop, a viral campaign by the Newark Police Department and Delaware Libraries, for extending STEM & 3D Printing literacy to its branches.

Delawareans, coming together, can do amazing things. What I saw at Delaware Innovation Week makes me believe that our community can harness the storm’s energy and be the model for the new technology age that’s coming. Come join us!

 

By Frank DeSantis.

Frank J. DeSants, Program Director for the Emerging Enterprise Center, a business incubator that helps start-ups focus their efforts on driving business growth, developing business skills, and creating a scalable and sustainable business model, by providing support, access to resources and advice, in a nurturing environment.