Most Common Mistakes Entrepreneurs Make
Author : Eva Hukshorn, Partner EFactor
Most Common Mistakes Entrepreneurs Make
Being an Entrepreneur is not about being unique. Millions of Entrepreneurs, both successful have followed this road before you Well, Lucky you! That means you do not have to invent the wheel again we provide you with an overview of the most common mistakes entrepreneurs make in their journey to success Read and Learn !
1.
Having a perfect product, but no customers
2.
If you hire employees which are still employed by others, check their agreements
3.
Do not surround yourself with advisors which have not experience in dealing with start-ups, entrepreneurs of external fund providers like informal investors or venture capitalists
4.
Communicate!! With your partners, with your employees, with your customers
5.
Underestimate legal matters
6.
Cash out before cash is in
7.
Most Entrepreneurs are know-it-alls with too much hubris. Hence, do not forget to do sufficient market research.
8. 9.
Have just 1 idea and holding on to long Get ride of the overhead!
10. Make sure you have (international) intellectual property protection 11. Make sure the other party signs a nondisclosure agreement when you disclose product features 12. Make sure to comply with local laws
13.
Be explicit on what it is exactly what you do, without talking for 10 minutes. Train this
14. Afraid to appoint a CEO among partners 15. Be clear on who owns what amount of share, manage expectations from the start what their role is. 19. No focus, normally this happens because of lack of planning
18. When an external fund provider like an informal investor or venture capitalist is showing interest, do not forget to negotiate other things than valuation: dividends, redemption rights, anti-dilution protection et cetera 19. Forget about small customers and only focus on 1 large customer 20. No experience in sales, finance, products, legal 23. Overselling, please don’t!
21. Hockey sticks in business plan, they just make you not credible 22. Don’t be afraid of sales, it is a numbers games, so JUST DO IT! 23. Admit that you are NOT good at certain tasks or DON’T have the expertise. And then solve it 24. Founding an idea is not everything, you also have to execute it. Cherish does people who help you do this
If you would like more assistance, email membersupport@efactor.com, we are more than happy to act as your coach to create your ultimate roadmap
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Thank You!
This document was prepared by Eva Hukshorn. Several people and organizations have inspired her to write this presentation, amongst which are, but not limited to the Founders of EFactor, ABN AMRO/RBS, University of Groningen, Institute for Management Accountants, Paul Grant Founder of the Funding Game