“12 Stupidest Mistakes Entrepreneurs Make”

Shannon Beeman
March 14, 2014

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:

  1. You’ve got a product and not a business
  2. It’s still a science project
  3. “We don’t have any competition”
  4. “Build it and they will come”
  5. “…So, if we can capture just 1 percent of the market…”
  6. Competing on price
  7. Relying on one or two key strategic alliances
  8. Insufficient lead-time allowed for launch
  9. Overly optimistic market penetration
  10. Overly conservative sales estimates
  11. Margins that defy industry norms
  12. 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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