Code/Decode

Narain is the founder & CEO for 360 Degree Interactive, a web services firm based in Chennai, India. This blog is about his personal views on Web 2.0, RoR, Social networking,Digital media, interactive advertising, SaaS, Service Oriented Architecture, India Inc, rural education, Web standards, mobile 2.0 and more.

Sunday, December 4

17 deadly mistakes of a startup

There is an excellant article about the mistakes by the start up companies and budding entrepreneurs by the seasoned entrepreneur John Osher in entrepreneur.com. Have a go.

He outlines 17 most common mistakes and provides the success guidelines.
Mistake 1: Failing to spend enough time researching the business idea to see if it's viable.
Mistake 2: Miscalculating market size, timing, ease of entry and potential market share
Mistake 3: Underestimating financial requirements and timing.
Mistake 4: Overprojecting sales volume and timing.
Mistake 5: Making cost projections that are too low.
Mistake 6: Hiring too many people and spending too much on offices and facilities.
Mistake 7: Lacking a contingency plan for a shortfall in expectations.
Mistake 8: Bringing in unnecessary partners.
Mistake 9: Hiring for convenience rather than skill requirements.
Mistake 10: Neglecting to manage the entire company as a whole.
Mistake 11: Accepting that it's "not possible" too easily rather than finding a way.
Mistake 12: Focusing too much on sales volume and company size rather than profit.
Mistake 13: Seeking confirmation of your actions rather than seeking the truth.
Mistake 14: Lacking simplicity in your vision.
Mistake 15: Lacking clarity of your long-term aim and business purpose.
Mistake 16: Lacking focus and identity.
Mistake 17: Lacking an exit strategy.

1 Comments:

At 5:05 PM, Blogger gloria said...

For more information on this subject and more, Business Link provides details on regulations, trade associations and Government contacts needed to become an Entrepreneur.

 

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