The following is from a lecture by Jerry Kaplan at Stanford University where he discusses the top five mistakes entrepreneurs make.
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What are the top 5 according to Jerry?
1. Not being clear on goals.
2. Trying to prove you're smart, instead of focusing on building a business.
3. Not raising enough capital.
4. Hiring the people they like, not the people they need.
5. Not knowing when to let go.
Do you agree? What other mistakes do you think entrepreneurs make?
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{ 2 comments… read them below or add one }
How about these to add to the pot:
- Underestimating the cash needed
- Overestimating their own cash resources
- knowing when to call it a day
- failing to employ the most important person for the business, the Intrapreneur. (ie the entrepreneur on the inside of the business: driving force, guardian of the business plan, financially numerate, good man manager, passionate) Entrepreneurs always think that they are the right person for the job.
@Steve
Underestimating cash is a big one…no entrepreneur has ever said “Yeah when I started out I had too much cash!”
Matt