8 Hurdles to Clear for a Growing Business
In 2017, UT Dallas celebrated the new home of Blackstone LaunchPad, a campus-based entrepreneurship program designed to mentor and support students, faculty, staff and alumni looking to launch their own companies.
Dr. Joseph Picken, clinical professor in the Naveen Jindal School of Management, has identified “the eight hurdles of transition” entrepreneurs face as a nascent startup evolves into an organization capable of sustained and profitable growth:
• Setting a direction and maintaining focus
• Positioning products/services in an expanded market
• Maintaining customer/market responsiveness
• Building an organization and management team
• Developing effective processes and infrastructures
• Building financial capability
• Developing an appropriate culture
• Managing risks and vulnerabilities
The essential actions making up the list are discussed in greater detail in a study by Picken that was published in Business Horizons.