"Experience is the name everyone gives to their mistakes."
Oscar Wilde
But some experiences are best avoided in the interest of time, money, and pain. I suggest you consider avoiding some of the most common mistakes made by entrepreneurs.
DO NOT...
- Ignore market information that does not conform to your preferred view of the world. The Market is always right.
- Crash ahead in spite of strong and obvious reasons to stop, or at least to review strategies. Sometimes the Magic just doesn’t work.
- Think too small. Some businesses just won’t work below a certain critical mass. Review your Model, both Market-wise and Money-wise.
- Think too big. Companies like Microsoft and Google only come along once every 20 years. Modesty is always in vogue.
- Insist that a product be perfect. Excellent is good enough, requires less Money, and may actually get to Market.
- Hire a résumé instead of a person. Teamwork is essential to success. Perhaps the most critical Management skill is hiring.
- Fail to get professional assistance. You wouldn’t remove your own appendix. Don't try to practice law.
- Compromise your principles. Your self-respect follows you everywhere. And you can only lose your reputation once.
- Lose track of your Motivation. Your business should be an extension of your needs and wants, not the other way around.
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