Jim Price, a Zell Lurie Institute entrepreneurial studies lecturer, contributed an article about Business Insider on the “12 Stupidest Mistakes Entrepreneurs Make,” pulling from his history watching hundreds of startups being created at the University of Michigan and his own experience as an entrepreneur. His 12 mistakes include:
- You’ve got a product and not a business
- It’s still a science project
- “We don’t have any competition”
- “Build it and they will come”
- “…So, if we can capture just 1 percent of the market…”
- Competing on price
- Relying on one or two key strategic alliances
- Insufficient lead-time allowed for launch
- Overly optimistic market penetration
- Overly conservative sales estimates
- Margins that defy industry norms
- Talking to equity investors as if they’re lenders
Check out the full article: http://www.businessinsider.com/stupidest-mistakes-entrepreneurs-make-2014-3
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