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It bothers me how many of these I recognize from one or more of my clients.
17 mistakes startups make — the 100-word version [Silicon Valley Users Guide]: “In 1999 John Osher started Dr. John’s SpinBrush to sell a $5 electric toothbrush. In 2001, he sold the company to Procter & Gamble for $475 million. Here are his ‘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.”
(Via Valleywag.)