most common mistakes entrepreneus make - efactor
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Being an Entrepreneur is not about being unique. Millions of Entrepreneurs, both successful and not successful have followed this road before you. 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 successTRANSCRIPT
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. Have just 1 idea and holding on to long
9. Get ride of the overhead!
10. Make sure you have (international) intellectual property protection
11. Make sure the other party signs a non-disclosure 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.
17. 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
20. 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 [email protected], we are more than happy to act as your coach to create your ultimate
roadmap
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Images by :Image 1 : VladoImage 2 : Stockimages
Image 3 and 4 : AmbroImage 5 and 6 : PhotostockImage 7 : Imagerymajestic
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
Thank You!