In class, we read an article called
The Televisionary by Malcolm Gladwell. In the article, Gladwell described the success, then failure in the life of Philo T. Farnsworth. Farnsworth was the visionary who invented the television.
Farnsworth wasn't open to sharing the credit for his invention, so he attempted to be the lone creator of the television. Ultimately, he failed since he couldn't sell like a big company could, and he couldn't make progress like a big company could. It's pretty obvious that the main reason Farnsworth didn't make it big is because he wasn't part of a big company.
Right now, our country's economy is in a poor state. There are a lot of people who are trying to make it big, just like Farnsworth. I think there are too many people trying to be entrepreneurs. These people are starting up small businesses, and their businesses are failing. Well why? It has worked before, why can't it work now? In a
blog I was looking over, it gave ten reasons to why these businesses are failing. Out of all ten of the reasons he gave, the ones that I agree with the most are numbers one and nine.
Number one is "Lack of Experience". Nowadays, people look for the get rich quick schemes, and hope that they will magically pull their family out of debt. If a potential small business starter takes a shot in the dark, with no experience in business at all, there is a HUGE possibility that this business they are starting will only dig them in a deeper hole. Some people will muster up as much money as they can by taking second mortgages on their homes, taking out loans from banks, and borrowing money from any of their friends that they can so that they are able to start up a small business. With the high chances of failure, this business probably won't make any profit.
Bullet point number nine says "Competition". I think this point can be most easily connected to the problems of our friend, Mr. Farnsworth. Farnsworth was pushed out of business by a big company. This is what is happening to the entrepreneurs of today. These people are trying to somehow make a name for themselves by creating different and creative versions of things that can be found for much cheaper and much more readily than a small, family owned shop. An example of this would be like trying to open a sandwich shop, when there is a Jimmy John's and a Subway on either side of it. It is just too difficult to start up something new when today's consumers are always in a rush. People will always go to the place where they know they can get the fastest and cheapest food.
Simply put, things are too big nowadays to have something small blow up. It's like the food chain. Big, strong, and smart creatures will eat the small, weak, and unintelligent creatures. It is the way of life.
So how could we change this? Well it would be very difficult, but thanks to the internet, I know of one way that people are trying to "kick start" their ideas.
Kick Starter is a website that was created for entrepreneurs of today. It basically lets you share your idea on the web, and if people like the Idea that you've presented to them, then they can back the project by donating money to your project. You would post the amount of money that you need to make your project happen, and the deadline in which you need to have all your money. Some people might even send you messages with ideas that can help make your invention better. It is a relatively simple way to promote your idea, and get enough money so that you can make your idea happen.
If everyone knew about this website, I feel like the world would be a much cooler place, filled with so many creative things. Maybe if the internet was around during Farnsworth's time, he could have been able to promote his idea to the world, and actually make a living being the sole creator of the television. But right now, the big companies have too much power in the world, and a lot of people don't have the ability or knowledge to change they way they run their business.
NY Times Blog on Why Small Businesses Fail