Author: Marshall Poe

Why do many startups fail? Tom Eisenmann, Professor of Entrepreneurship at Harvard Business School realised that even he didn’t really know the answer, despite a lifetime teaching entrepreneurship, and decided to write a book to answer exactly that question. You can hear him go into detail on the NBN Entrepreneurship and Leadership Channel interviewed by experienced entrepreneurs Richard Lucas and Kimon Fountoukidis. Whether you want to start a business one day, or just have better conversations with people who are in business, don’t miss this “book of the day” podcast. He draws attention to a critical gap in the Lean Startup methodology which can save both dollars and time if correctly applied. This idea alone makes the podcast worth listening to.

The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee.

In this episode we do go a little further into Tom’s background that normal, and give an entrepreneurial take on his ideas.

He does a great job of explaining his ideas, and there is much for any entrepreneur to learn.

If you want your startup to succeed, you need to understand why startups fail. That question caught Harvard Business School professor Tom Eisenmann by surprise when he realized he couldn't answer it. So he launched a multiyear research project to find out. In Why Startups Fail: A New Roadmap for Entrepreneurial Success (Currency, 2021), Eisenmann reveals his findings: six distinct patterns that account for the vast majority of startup failures.

* Bad Bedfellows. Startup success is thought to rest largely on the founder's talents and instincts. But the wrong team, investors, or partners can sink a venture just as quickly.

* False Starts. In following the oft-cited advice to "fail fast" and to "launch before you're ready," founders risk wasting time and capital on the wrong solutions.

* False Promises. Success with early adopters can be misleading and give founders unwarranted confidence to expand.

* Speed Traps. Despite the pressure to "get big fast," hypergrowth can spell disaster for even the most promising ventures.

* Help Wanted. Rapidly scaling startups need lots of capital and talent, but they can make mistakes that leave them suddenly in short supply of both.

* Cascading Miracles. Silicon Valley exhorts entrepreneurs to dream big. But the bigger the vision, the more things that can go wrong.

About our guest

Tom Eisenmann is the Howard H. Stevenson Professor of Business Administration at Harvard Business School (HBS) and the faculty co-chair of the Arthur Rock Center for Entrepreneurship. Since joining the HBS faculty in 1997, he’s led The Entrepreneurial Manager, an introductory course taught to all first-year MBAs, and launched fourteen electives on all aspects of entrepreneurship, including one on startup failure. Eisenmann has authored more than one hundred HBS case studies and his writing has appeared in The Wall Street Journal, Harvard Business Review, and Forbes.

About Kimon Fountoukidis Twitter Linkedin

Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here,

About Richard Lucas Twitter Linkedin

Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here,

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In recent years Americans have experienced a range of assaults upon the truth. In The Constitution of Knowledge: A Defense of Truth (Brookings Institution Press, 2021), Jonathan Rauch describes the various ways in which our understanding of truth has come under attack, and the mechanisms that exist to fight back. As Rauch explains, the challenge of determining truth is as old as civilization itself, with the system we use today a product of concepts formulated in the 17th and 18th centuries. Today this system faces an unprecedented challenge created by the digital revolution, which has inverted the social incentives on which the reality-based community depends and fractured reality for millions of people. The consequences of this today can be seen today in both the numerous agenda-driven disinformation campaigns and the coercive conformity of “cancel culture” that challenges diversity of thought. Yet for all of the threats posed to the Constitution of Knowledge, Rauch argues that within it are contained the tools with which people can fight back successfully in order to maintain our social system for turning disagreement into truth.

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In recent years the phrase “revisionist history” has emerged as a label for politically-correct reexaminations of an unalterable understanding of our past. As James M. Banner, Jr. demonstrates in his book The Ever-Changing Past: Why All History Is Revisionist History (Yale UP, 2021), such a definition ignores how historical knowledge in the West has always been fluid and subject to reinterpretation by scholars. As Banner illustrates, such revisionism occurs in a variety of ways and can reflect everything from the discovery of new information to the reconsideration of the past from different perspectives the present. These approaches are evident even in the earliest works of history, and reflect the changes that have taken place in civilization over time. By addressing recent public controversies at which revisionism was at the heart, Banner shows that It is through this process that we better understand who we are today and the course we will take as a society going forward.

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The predominantly secular focus of socialism can often obscure the parts of its ideology that reflect the elements it inherited from Western religious thinking. In Socialism as a Secular Creed: A Modern Global History (Lexington Books, 2021), Andrei Znamenski shows how this religious inheritance created elements within it that were closer in form to a belief system than a philosophy. These religious elements were most prevalent in socialism’s formative period, as Znamenski identifies the debt the socialist world-view owed to Christian millennialist ideas that were current in the early 19th century. Because of this the socialist world-view soon echoed the Christian one, with the working class becoming the chosen people who were anticipated to be the vanguard leading the world to the promised land of a socialist system. These elements persisted even as socialism focused on social engineering and nationalist forces caused socialist thinking to branch off into different forms. This continued in the 20th century as the economic conditions changed, as the “embourgeoisement” of the working classes and the post-World War II desire to disassociate from Soviet-style socialism led many socialists to turn instead to culture as the means towards attaining their millennialist vision.

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Eve Rosen's The Voucher Promise: 'Section 8' and the Fate of an American Neighborhood (Princeton UP, 2020) examines the Housing Voucher Choice Program, colloquially known as "Section 8," and the effect of the program on low-income families living in Park Heights in Baltimore. In a new era of housing policy that hopes to solve poverty with opportunity in the form of jobs, social networks, education, and safety, the program offers the poor access to a new world: safe streets, good schools, and well-paying jobs through housing vouchers. The system should, in theory, give recipients access to housing in a wide range of neighborhoods, but in The Voucher Promise, Rosen examines how the housing policy, while showing great promise, faces critical limitations. Rosen spent over a year living in a Park Heights neighborhood, getting to know families, accompanying them on housing searches, spending time on front stoops, and learning about the history of the neighborhood and the homeowners who had settled there decades ago. She examines why, when low-income renters are given the opportunity to afford a home in a more resource-rich neighborhood, they do not relocate to one, observing where they instead end up and other opportunities housing vouchers may offer them.

Richard E. Ocejo is associate professor of sociology at John Jay College and the Graduate Center of the City University of New York (CUNY). He is the author of Masters of Craft: Old Jobs in the New Urban Economy (Princeton University Press, 2017), about the transformation of low-status occupations into cool, cultural taste-making jobs (cocktail bartenders, craft distillers, upscale men’s barbers, and whole animal butchers), and of Upscaling Downtown: From Bowery Saloons to Cocktail Bars in New York City (Princeton University Press, 2014), about growth policies, nightlife, and conflict in gentrified neighborhoods. 

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According to an intuitive view, those who commit crimes are justifiably subject to punishment. Depending on the severity of the wrongdoing constitutive of the crime, punishment can be severe: incarceration, confinement, depravation, and so on. The common thought is that in committing serious crimes, persons render themselves deserving of punishment by the State. Punishment, then, is simply a matter of giving offenders their just deserts. Call this broad view retributivism. What if retributivism’s underlying idea of desert is fundamentally confused? What if persons lack the kind of free will that would make them deserving of punishment in the sense that retributivism requires?

This is the central question of Gregg Caruso’s new book, Rejecting Retributivism: Free Will, Punishment, and Criminal Justice (Cambridge, 2021). After arguing against the idea that persons can be deserving of punishment in the retributivist’s sense, Caruso develops an alternative approach to criminal behavior that he called the Public-Health Quarantine Model.

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To many mathematicians and math enthusiasts, the word "innumeracy" brings to mind popular writing like that of John Allen Paulos. But inequities in our quantitative reasoning skills have received considerable interest and attention from researchers lately, including in psychology, development, education, and public health. Innumeracy in the Wild: Misunderstanding and Misusing Numbers (Oxford University Press, 2020) is a unified treatment of these broad-ranging studies, from the ways more and less numerate people differ in our perceptions of risk and our number-based decisions to the roots of our numeric faculties and how we can make the best of them. Dr. Ellen Peters has made significant contributions to the subject and brings her expertise and an exceptional clarity to its presentation.

Precious little of the research surveyed in her book could fit into this interview! We discussed the three components of numeric ability—objective numeracy, subjective numeracy, and the innate number sense—and how they vary within and across populations. We talked through some key lessons from this literature, such as the importance of calibrating our self-efficacy to our real ability and an awareness of how our cultural allegiances can drive even our mathematical reasoning. And we identified some of the essential personal habits and policy levers (early childhood education!!) available to us in our efforts to improve our individual numeracy and our collective numeric decision-making. For a firm grounding in the state of knowledge and urgent open questions, there may be no better resource for many years to come.

Suggested companion works: Contributions from the labs of Isaac Lipkus, Angela Fagerlin, John Opfer, Edward Cokely, Rocio Garcia-Retamero, Jakub Traczyk, Agata Sobków, Wändi Bruine de Bruin, Keith Stanovich, and Valerie Reyna.

Ellen Peters, Ph.D., is the Philip H. Knight Chair, and Director of the Center for Science Communication Research, in the University of Oregon’s School of Journalism and Communication. As a decision psychologist, she studies the basic building blocks of human judgment and decision making and their links with effective communication techniques and has published more than 150 peer-reviewed papers on these topics. She is former President of the Society for Judgment and Decision Making and a fellow of the American Association for the Advancement of Science, Association for Psychological Science, the American Psychological Association, and the Society for Experimental Social Psychology. She also works with federal agencies to advance decision and communication sciences in health and health policy, including having been Chair of FDA’s Risk Communication Advisory Committee and member of the NAS’s Science of Science Communication committee. She has been awarded the Jane Beattie Scientific Recognition Award and an NIH Group Merit Award. Finally, she has received extensive funding from the National Science Foundation and National Institutes of Health.

Cory Brunson is a Research Assistant Professor at the Laboratory for Systems Medicine at the University of Florida. His research focuses on geometric and topological approaches to the analysis of medical and healthcare data. He welcomes book suggestions, listener feedback, and transparent supply chains.

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Why do I feel bad? There is real power in understanding our bad feelings. With his classic Why We Get Sick, Dr. Randolph Nesse helped to establish the field of evolutionary medicine. Now he returns with Good Reasons for Bad Feelings: Insights from the Frontier of Evolutionary Psychiatry (Dutton, 2019), a book that transforms our understanding of mental disorders by exploring a fundamentally new question. Instead of asking why certain people suffer from mental illness, Nesse asks why natural selection has left us all with fragile minds.

Drawing on revealing stories from his own clinical practice and insights from evolutionary biology, Nesse shows how negative emotions are useful in certain situations yet can become overwhelming. Anxiety protects us from harm in the face of danger, but false alarms are inevitable. Low moods prevent us from wasting effort in pursuit of unreachable goals, but they often escalate into pathological depression. Other mental disorders, such as addiction and anorexia, result from the mismatch between modern environment and our ancient human past. And there are good evolutionary reasons for sexual disorders and for why genes for schizophrenia persist. Taken together, these and many more insights help to explain the pervasiveness of human suffering and show us new paths for relieving it by understanding individuals as individuals.

Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at r.garfinkel@yahoo.com.

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