Many start-ups fail to focus on future

They reward themselves too quickly, panelist says

Their panel discussion lasted about an hour, but time was at the heart of many of the comments made by business leaders Wednesday at the Big Business and Technology Expo.

The prominent businesspeople gave perspectives on why many companies do not last five years and also spoke about the importance of balancing time in their lives.

Hal Wing, founder and owner of Wing Enterprises, said many failed start-ups "try to reward themselves too soon."

"They don’t realize that it takes a good five years to get up and running, and they start rewarding themselves too soon, and they fail to focus on what they’re really trying to do," Wing said at the McKay Events Center at Utah Valley State College, where the expo continues from 11 a.m. to 5 p.m. today.

"And another thing that they try to do is try to grow too fast. I’ve seen more businesses go under trying to grow too fast. (They should) control the growth and manage the cash in a manner that they can continue to fuel the fire."

Many start-ups also use a "shotgun" approach when they do not recognize their market segment or where their products will be accepted, he said. "They’re just blasting out everywhere instead of getting a rifle and tuning it in with a fine scope and getting it in the cross hairs," Wing said.

By Brice Wallace
Deseret Morning News

Full Story: http://deseretnews.com/dn/view/0,1249,600117505,00.html