From an aspiration to pursue one’s passion to someone wanting to become his or her own boss, various reasons drive people to start businesses. However, not every business startup ends up being successful; a significant percentage of them collapse even before seeing the second year. The 2017 Economic Report by the National Association of Small Business shows that 20% of small businesses started in the United States in the year 2014 didn’t make to 2016. Nevertheless, that’s not to mean that you’ll be part of the failure percentage if you go ahead and pursue your business dream.
Many company leaders don’t fully appreciate the importance of innovation. I am often invited to speak about innovation at various civic and economic development organizations. The simple fact that I talk about is that you either innovate, or you die!
There is a paradox in innovation. Many new products fail. Studies by Nielsen and Harvard Business School estimate this to be between 85% and 95%. At the same time, a 2016 study by Lab42 showed that 84% of people say it is important to buy from innovative companies and nearly 70% of people expect innovation to improve society. As a coach and mentor to student innovators, students often ask, “Do you think my idea is a good one?”
Don is a serial entrepreneur and visionary leader who has consistently leveraged technology to improve the customer experience and top and bottom-line results. Don has been involved in the growth and development of several businesses, including American Eagle Outfitters, from one to 165 stores as President and CEO, Sundance Catalog Company as Executive Director, and Bear Creek Corporation as Senior VP of Sales and Marketing.
