10 Avoidable Mistakes Entrepreneurs Make Constantly

2015-04-20-1429543518-5249167-officemeeting.jpg

Over 600,000 companies go out of business every year in the U.S. alone. Infant Entrepreneur Mortality is a massive problem. Here are 10 avoidable mistakes first-time entrepreneurs make repeatedly:

1. They define success = funding

2. They do not know the essential techniques of bootstrapping

3. They don’t understand positioning

4. They spend money on unimportant things and run out of cash

5. They hire too many people too soon without validating

6. They start building a product without validating

7. They chase investors instead of customers

8. They network randomly, without focus

9. They talk to investors too soon, and blow important cartridges

10. They don’t focus on the business model and path to monetization

Avoid them at all costs.

You cannot succeed without first surviving.

I’ve never met an entrepreneur who has built a billion dollar business without first building a million dollar one!

Do your homework. Here’s a self-assessment tool to calibrate your business the way investors would. Whether or not you are raising money, think of yourself as an investor in your own business, and test yourself against these issues.

Do not waste money getting fancy office-space and furniture.

Entrepreneurship = (Customers + Revenues + Profits).

Financing is optional.

Exit is optional.

Success is a sustainable, profitable business that meets customer needs.

Good luck!

Photo: Georgi Varzonovtsev/Flickr.com.

— This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s