From the Practitioner's Corner
Entrepreneurs tend to be self-styled “idea” people. They often believe they have the next “Big Concept”—one which could change the world, reaffirm their self-worth, and, of course, make them and their venture team a fortune. In contrast, as they build a company to implement their business dream, entrepreneurs also tend to eschew or trivialize administrative details. Why should they waste their creative juices on minutia? As a result of this insensitivity to detail, these captains of capitalism often trip in their entrepreneurial journey. For example, they might:
• Forget to remit payroll taxes on schedule.
• Fail to document the justification underpinning the dismissal of a key employee.
• Allow the company’s liability insurance to lapse.
• Neglect to report sales usage tax.
• Verbally grant employee incentive stock options during an informal luncheon meeting, at a yet-to-be-determined exercise price and without the board of directors’ approval.
Levangie, Joseph E.
"Seeking God (in the details),"
New England Journal of Entrepreneurship: Vol. 7
, Article 8.
Available at: https://digitalcommons.sacredheart.edu/neje/vol7/iss1/8