http://myshingle.com/2006/11/articles/solo-practice-trends/great-news-for-law-firm-start-ups-80-percent-of-dotcoms-survived/ Great Things Come in Small [Law] Practices! Thu, 09 Feb 2012 04:09:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://myshingle.com/2006/11/articles/solo-practice-trends/great-news-for-law-firm-start-ups-80-percent-of-dotcoms-survived/comment-page-1/#comment-2251 Ed Poll Thu, 09 Nov 2006 09:23:29 +0000 http://174.120.83.8/~sh1ngl3/2006/11/articles/uncategorized/great-news-for-law-firm-start-ups-80-percent-of-dotcoms-survived/#comment-2251 When I was teaching in the Entrepreneurship Departments at UCLA and USC, the statistics for failure of new businesses was very high. In some industries, it was as high as 95%. Review of SBA statistics will provide an view of the current status. Because it's so easy to get into the professional service business, such as law, the failure rate also might be high. Reasons for failure include lack of sufficient capital to overcome the initial delays of receiving cash (from doing the work to billing to collecting); lack of appropriate planning; and, most important, failure to understand where the new work will come from (beyond the initial client(s) who said they would follow you. One needs more than faith to succeed in any business. It takes foresight, planning, a lot of hard work (persistence) ... and, yes, a considerable amount of good luck. When I was teaching in the Entrepreneurship Departments at UCLA and USC, the statistics for failure of new businesses was very high. In some industries, it was as high as 95%. Review of SBA statistics will provide an view of the current status.
Because it’s so easy to get into the professional service business, such as law, the failure rate also might be high. Reasons for failure include lack of sufficient capital to overcome the initial delays of receiving cash (from doing the work to billing to collecting); lack of appropriate planning; and, most important, failure to understand where the new work will come from (beyond the initial client(s) who said they would follow you.
One needs more than faith to succeed in any business. It takes foresight, planning, a lot of hard work (persistence) … and, yes, a considerable amount of good luck.

]]> http://myshingle.com/2006/11/articles/solo-practice-trends/great-news-for-law-firm-start-ups-80-percent-of-dotcoms-survived/comment-page-1/#comment-6925 Ed Poll Thu, 09 Nov 2006 09:23:00 +0000 http://174.120.83.8/~sh1ngl3/2006/11/articles/uncategorized/great-news-for-law-firm-start-ups-80-percent-of-dotcoms-survived/#comment-6925 When I was teaching in the Entrepreneurship Departments at UCLA and USC, the statistics for failure of new businesses was very high. In some industries, it was as high as 95%. Review of SBA statistics will provide an view of the current status. Because it's so easy to get into the professional service business, such as law, the failure rate also might be high. Reasons for failure include lack of sufficient capital to overcome the initial delays of receiving cash (from doing the work to billing to collecting); lack of appropriate planning; and, most important, failure to understand where the new work will come from (beyond the initial client(s) who said they would follow you. One needs more than faith to succeed in any business. It takes foresight, planning, a lot of hard work (persistence) ... and, yes, a considerable amount of good luck. When I was teaching in the Entrepreneurship Departments at UCLA and USC, the statistics for failure of new businesses was very high. In some industries, it was as high as 95%. Review of SBA statistics will provide an view of the current status.
Because it’s so easy to get into the professional service business, such as law, the failure rate also might be high. Reasons for failure include lack of sufficient capital to overcome the initial delays of receiving cash (from doing the work to billing to collecting); lack of appropriate planning; and, most important, failure to understand where the new work will come from (beyond the initial client(s) who said they would follow you.
One needs more than faith to succeed in any business. It takes foresight, planning, a lot of hard work (persistence) … and, yes, a considerable amount of good luck.

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