I've been blogging a little about people starting their own businesses lately, but thinking much more about it and the pitfalls that comes with the exhilaration. Also, beware....the fall and winter months brings about the largest percentage of start-ups. Following @GuyKawasaki on Twitter alerted me to this version of Top 10 Mistakes.
Top 10 mistakes that entrepreneurs make when starting a company:
1. Going it alone. 2. Asking too many people for advice. 3. Spending too much time on product development, not enough on sales. 4. Targeting too small a market. 5. Entering a market with no distribution partner. 6. Overpaying for customers. 7. Raising too little capital. 8. Raising too much capital. 9. Not having a business plan. 10. Over-thinking your business plan.
Numbers 1, 3, 4, and 9 are very common and #3 and 9 screams so loud they should be tied #1. Businesses are started every day by good sales types without good business plans and then the new owner doesn't have time to sell.
Good article at Yahoo Finance.
Comments welcome via danny@dannylsmith.com or by clicking on comments below.
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