Seasoned business leaders are typically no strangers to failure, it is not only the greenest of green BAMers who experience failure. For each superstar company in the world, there are burial grounds of companies that just didn’t work or that limped along without profit for far too long.
However, there are some common denominators among companies that succeed or fail – and their experiences can teach us something: often it is how not to do it!
Lucy lived in a city where she had connections with many non-profits. She wanted to branch out and do business as mission but didn’t quite know how to get going. A non-profit presented a business opportunity, one that, as it turned out, was too good to be true. Under researched, unadvised, and unsustainable, Lucy fell headlong into a bad deal.
An NGO said they would produce soy milk, made possible through a grant, and give the fresh soy milk to Lucy’s new company to sell in the local community. Excited to begin her BAM dreams, Lucy jumped in and signed a three year contract with the NGO, secured a lease for an office space and hired three local staff to get the business started. Read more