This week, we read a great article on Entrepreneur titled 10 Top Reasons Why First-Time Entrepreneurs Fail.
. . . Entrepreneurs treat business failure as a milestone on the road to success. They count on learning from their mistakes, and use the experience to move to the next idea. But why not learn from the mistakes of others, without all the pain and suffering?
The article cites reasons including lack of a business plan, too much competition to compete against, and a team that doesn’t have enough experience. We couldn’t agree more – the ten things in this list are all things we believe that entrepreneurs of all stripes should watch out for. For instance, having a team with the wrong experience, or lack of experience, can make investors and customers alike feel a lack of confidence in working with you. And, of course, if your financial plan ignores things like the break-even point, cost of goods sold and operating expenses, you could find yourself quickly out of funds. Not really the best foundation for a successful small business, right?
We think it’s recommended reading – check it out!