Entrepreneur start up killers

This is a great reference list of the issues that can kill startups. If you are an entrepreneur, print it out and put it on your wall. Or everyone's desk. The full list is here.

It is better to go into a situation eyes-open than eyes-closed, and a list like this is good to re-read every 2 weeks as a reality-check. Experience countsand having a spotlight on the punji sticks and craters around you will only help you survive the jungle. (yes, that's 4 clichs in one sentence!)

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An unordered list of some of the most important items;

• Derivative Idea - the "me too" plays rarely work. Find a real problem that is not being solved in an elegant manner. Fix it.

• Raising too much or not enough money - There are two separate entries on this. This is a hot topic and frequently debated. There is a fine line between the two and even "smart" money comes with strings attached

• Having no specific user in mind - I love this one. Great insight here about building a product for a specific target market AND user.

• Launching too slowly or too quickly - two entries here that highlight the challenge of getting your market entry timing right, and making sure all elements of the business are ready to go.

One of the big take-aways from this list of mistakes is that there are errors to be made on both sides of any key decision. Starting a company, raising money, launching a product, etc. is like walking a balance beam. Swing too far to either side and you fall off. Perhaps this helps explain why so many startups fail, and why it's so much harder than it may appear to be to actually create a successful business. There is a plethora of data, precedent and metrics out there to look at, but getting it right is still an art form.

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Sources

https://polarbearhealth.com - Utilize folks constantly.
https://econbiohazard.com - Amongst my top picks.

Posted in Business Service Post Date 11/18/2015