Episode description

Patrick Esposito, author and CEO, illuminates the path to entrepreneurial success. His book, "The Structure of Success," serves as a practical manual for small and mid-sized businesses. In today’s interview he flips the script, diving into failure — and how entrepreneurs can avoid it.

Highlights from the interview:

• Factors leading to Business Failure: Esposito identifies five major causes for small and medium-sized businesses' downfall:
  • Disputes between co-owners.
  • Inability to evolve the business model.
  • Execution failure during a merger, acquisition, or sale.
  •   Inadequate internal infrastructure.
  •   Ineffective disaster management.
•  Tackling the challenges: Esposito provides sage advice for each business challenge, such as drafting clear shareholder agreements and staying receptive to customer feedback.
• Understanding the Complexity of Scaling: Emphasizing the essential role of delegation, Esposito advises businesses to acknowledge personal limitations and employ specialists for critical operations.
• Dealing with Ambiguity: Esposito advocates for swift and diligent decisions rather than waiting for perfect data, allowing for necessary adjustments later.

Click here to purchase the book