The rapid spread of the global pandemic, and the lockdowns that came with it, posed not only a health concern for all, but also an economic threat to large and small businesses alike.
For years, the popularity of unicorns attracted newbies to test out their entrepreneurial potential, but today’s uncertain future might discourage many from starting out new businesses. And yet, some are still seeing new opportunities in the mist of chaos, confusion and uncertainty.
Academic research seems to confirm that on average 86% of new ventures will only enjoy a 5-year lifespan or less. These academics have attempted to map attributes and favourable conditions associated with entrepreneurial initiation, growth and failure. From an abundance of research, three areas of investigation have emerged as key components influencing startup success: management, business strategy and business environment. From these three, management is argued to be critical to entrepreneurial success and regarded as the main reason for new venture failures. Further, some researchers have linked entrepreneurial failure with managerial shortcomings, as the primary root cause of fatality in new businesses.
In a new groundbreaking study by Julio Gómez, survival tactics for startups are about to be tested. This new research proposes that the chances of new venture survival would improve if entrepreneurs:
- Are sufficienty able to manage substantial daily problem-solving processes; and,
- Can improve their managerial weaknesses with regular self-evaluations, followed by adequate training
It’s hoped that this new research will shine a light on the possibility that problem-solving skills could be trained, hence improving startup survival rate and economic impact as a logical output.
In the link bellow you have a unique and rare opportunity to anonymously find out how good you are at problem-solving, and provide your profesional feedback on the tool via the online interview-questioner.
Complete the online survey here – and you’ll also get direct access to the finding upon publication of the research.
