If at First You Don’t Succeed, So What!? Thomas Watson understood what true entrepreneurs know: that failure is a necess

[answerhappygod]

If at First You Don’t Succeed, So What!?Thomas Watson understood what true entrepreneurs know: that failureis anecessary and important part of the entrepreneurial process andthat it does no haveto be permanent. Some of the world’s greatest entrepreneurs failedbefore theyfinally succeeded. Henry Ford’s first business, the DetroitAutomobile Company,failed less than two years after Ford and his partners started it.Ford’s second autocompany also failed, but his third attempt in the new automanufacturing businesswas, of course, a huge success. The Ford Motor Company, which isstill controlledby the Ford family, is a major player in the automotive industryand is one of thelargest companies in the world. Milton Hershey launched his firstcandy shop at theage 18 in Philadelphia; it failed after six years. Four moreattempts at building acandy business also failed before before Hershey finally hit onsuccess withLancaster Caramel Company, the business that was the parent of thefamousHershey Foods Corporation. Today, Hershey is the leadingmanufacturer ofchocolate products in the United States and exports to more than 90countries.Masaru Ibuka and Akio Morita formed a partnership to produce anautomatic ricecooker. Unfortunately, their machine burned the rice and was aflop. Their companysold just 100 cookers. Ibuka and Morita refused to give up,however, and theycreated another company to build an inexpensive tape recorder thatthey sold toschools. Their tape recorder proved to be successful, and thecompany eventuallybecame the consumer electronics giant Sony Corporation.Rick Rosenfield and Larry Flax wrote a screenplay that never sold,started an Italianrestaurant that went bankrupt and developed a mobile skateboardpark that quicklyflopped. Then, they tried the restaurant business again, launchedthe CaliforniaPizza Kitchen. The California Pizza Kitchen is now a successful andwell-recognizedchain.
******************************************************************************************************
Question based on case study above: Describe any FIVE (5)mistakes that caused business failures to Thomas Watson.hi there, I have the below points but I need some help and guidanceon how to elaborate more with examples. Kindly assist please -Tq.1. Not having clear strategic plans,2. lack of funds, 3. lack of vision,4. insufficient marketing plans,5. do not have deeper understanding of the marker and its’consumer needs,6. being competitive but with no unique selling point.7. Underestimate the market, overly ambitious andoptimistic.