Wednesday, September 15, 2010

10 Mistakes that startup entrepreneurs make

I enjoyed this article from the WSJ Online, about the 10 mistakes that startup entrepreneurs make:

  1. Going for it alone
  2. Asking too many people for advice
  3. Spending too much time in product development, and forgetting about sales
  4. Targeting an extremely narrow niche market
  5. Entering a market with no distribution partner
  6. Overpaying for customers; expensive marketing
  7. Raising too little capital
  8. Raising too much(!) capital
  9. No business plan
  10. Over-thinking the business plan
I think #3 and #1 are particularly very interesting, given that they are personality related. All others could be attributed to lack of experience or misinformation.