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10 Mistakes That Start-Up Entrepreneurs Make

by paulgl
8 replies
Saw this article in the wall street journal.
10 Mistakes That Start-Up Entrepreneurs Make - WSJ.com

1. Going it alone
2. Asking too many people for advice
3. Spending too much time on product development, not enough on sales
4. Targeting too small a market
5. Entering a market with no distribution partner
6. Overpaying for customers
7. Raising too little capital
8. Raising too much capital
9. Not having a business plan
10. Over-thinking your business plan

I think IMers, including myself, are guilty of #2, #3, #6, #7, #9, and #10.
Amazing how internet marketing is related to any business.
I'd say if you can kill #2, #6, and #9, you are probably ahead of the game.

Most of us may get away with #1 and #4.

What do you think?

Paul
#entrepreneurs #make #mistakes #startup
  • Profile picture of the author duia
    Oh, thanks for your sharing. I guess I can't become a successful entrepreneur because I prefer to work alone.
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    • Profile picture of the author paulgl
      Originally Posted by duia View Post

      Oh, thanks for your sharing. I guess I can't become a successful entrepreneur because I prefer to work alone.
      Did you even read anything in the post? Or did you stop at #1?

      I guess you missed the point I made:
      I'd say if you can kill #2, #6, and #9, you are probably ahead of the game.
      Those mostly affect internet marketers. Obviously the article
      deals with business start ups in general.

      And if you really want to be alone, stop reading the WF.
      I've learned quite a lot and have made thousand$ from this forum
      because I refused to go it alone on my own ideas.

      So after further review, I'd say #1 fits pretty good!

      Paul
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      If you were disappointed in your results today, lower your standards tomorrow.

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  • Profile picture of the author David Bleidt
    well i fail on #1,#4,#7 and maybe #9 but i think I could figure out the #9 So I think I can't become a successful entrepreneur, too.

    Hey duia let's stick together so we can figure out #1

    Reptor
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  • Profile picture of the author Tomma
    IMs have an advantage since they already know which marketing strategy they are using as opposed to brick and mortar businesses which have to find out which marketing strategy brings them the greatest ROI.

    As an IM I think a marketing plan is necessary, though.
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    • Profile picture of the author Lifestyle Lift Journey
      I agree with you Paul.

      To go ahead of the game, don't do...
      • #2. Asking too many people for advice - You probably get 10 different advices from 10 different entrepreneurs. I'm not surprised if many of them conflict each other and just confuse you. Believe what you think the best and keep your way.
      • #6. Overpaying for customers - 'You get what you pay for', but you still need to watch your bank account and if necessarily, negotiate. I guess it's a marketing skill to learn.
      • #9. Not having a business plan - It's almost impossible to make a solid business plan at the start. But I think you need a vague plan at least to start with. You'll figure out the rest by trial and error. Lots of testing shapes up the plan for the good.
      How's that???
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      • Profile picture of the author GopalG
        I just quit my day job and started my own enterprise. What you say here is true. Its difficult to come up with a solid plan but then we have to plan
        Try different things and keep what works.

        Originally Posted by Lifestyle Lift Journey View Post

        I agree with you Paul.

        To go ahead of the game, don't do...
        • #2. Asking too many people for advice - You probably get 10 different advices from 10 different entrepreneurs. I'm not surprised if many of them conflict each other and just confuse you. Believe what you think the best and keep your way.
        • #6. Overpaying for customers - 'You get what you pay for', but you still need to watch your bank account and if necessarily, negotiate. I guess it's a marketing skill to learn.
        • #9. Not having a business plan - It's almost impossible to make a solid business plan at the start. But I think you need a vague plan at least to start with. You'll figure out the rest by trial and error. Lots of testing shapes up the plan for the good.
        How's that???
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  • Profile picture of the author Gary Pettit
    As a former Small Business Start-up Specialist and consultant for 10 years, I must say that while that list is good, it is missing the #1 reason that 85% of all small and at-home businesses go under within two years.
    Namely, they start out in debt. Loan repayments are fixed expenses that are unforgiving if sales dip. They can lay waste to a whole month's profit. And if they lead a start-up into the red, the next month is even worse (you can't catch up!) and quickly spiral a business into bankruptcy.
    Avoid start-up debt at all costs.
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  • Profile picture of the author Michael Thai
    To me, #9 is especially true! Fail to plan, plan to fail!
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