Closer To The Ideal

This is a great post:

“17 mistakes start-ups make” in 100 words.

• Failing to spend enough time researching the business idea to see if it’s viable.
• Miscalculating market size. Entrepreneurs say, ‘The market size is 50 million people. If I only sell to 2 percent, I’d be selling a million.’ But most products sell less than 1 percent.
• Making a commitment on sales projections that were wrong. Created costs that require those projections to be met. Run out of money.
• Overprojecting sales prospects.
• Making cost projections that are too low.
• Hiring too many people and spending too much.
• Lacking a contingency plans.
• Bringing in unnecessary partners.
• Hiring for convenience rather than skill requirements.
• Spending half their time doing something that represents 5 percent of their business.
• Accepting that it’s “not possible” too easily.
• Focusing too much on volume and company size rather than profit.
• Looking for somebody to tell you you’re right.
• Lacking simplicity.
• Lacking clarity of your long-term aim and business purpose.
• Going after too many targets at once.
• Lacking an exit strategy.

This entry was posted on Wednesday, November 19th, 2008 at 9:29 pm and is filed under business, startups. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.