list of mistakes to be avoided

Filed in archive Entrepreneurship on November 17, 2004

Yet another list of mistakes to be avoided setting up a company - but this one is truly well researched.

"Mistake 1: Failing to spend enough time researching the business idea to see if it's viable.

"This is really the most important mistake of all. They say 9 [out] of 10 entrepreneurs fail because they're undercapitalized or have the wrong people. I say 9 [out] of 10 people fail because their original concept is not viable. They want to be in business so much that they often don't do the work they need to do ahead of time, so everything they do is doomed. They can be very talented, do everything else right, and fail because they have ideas that are flawed."

Hat tip Dispatches.




##Update: SBTV also has a movie highlighting the lessons learned a bit better. Not very moving but makes a nice airport read.