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The seldom mentioned reason for startup failures
Manage episode 417224871 series 3206154
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• Management of capital means more than money
• “Human capital should be a primary…focus for startups”
(Total Recorded Time is 20:38)
Many new businesses -- even those with mountains of money from venture capitalists or angel investors – fail and fail quickly.
While there’s a long list of typical reasons for failure, Nikki Blacksmith says there’s an often under-appreciated reason: mismanagement of human capital.
“Human resource problems … put the startup at risk for failure,” writes Ms. Blacksmith, chief executive officer of Symeta Behavior Science and co-author of a new book on the subject. “We argue that human capital should be a primary, rather than secondary or tertiary, focus for startups.
“Without the right people all the other components are moot because it is the people who generate ideas, make decisions, and execute all of the business functions.”
Ms. Blacksmith is an adjunct faculty member at American University in Washington, D.C., and has nearly 15 years of experience as a scientist-practitioner, focusing on psychometrics, selection, decision-making, and entrepreneurial performance.
She’s the co-author along with Maureen McCusker of the new book: “Data-Driven Decision Making in Entrepreneurship: Tools for Maximizing Human Capital,” (CRC Press; April 2024).
For more information: https://blackhawke.io
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