Risky Business: Americans see greed, cluelessness behind dot-coms’ comeuppance
In the midst of dropping share prices, layoffs, and closings among Internet companies, most Americans attribute dot-com difficulties to overeager investors looking for quick payoffs and to the poor business plans of dot-com entrepreneurs. According to a Pew Internet & American Life Project poll conducted in February, 67% of the Americans who have heard about dot-coms’ financial troubles subscribe to an “irrational exuberance” view of the cause of dot-coms’ troubles, namely that Internet companies are struggling because investors’ desire to turn quick profits led to too many business risks. A solid majority (56%) of those who have heard about Internet firms’ problems say that Internet companies lacked clear plans for attaining profitability and that this is a major reason behind their recent financial problems. Some 39% blame the youth and inexperience of some of the Internet firms’ executives.