In a recent article in the Wall Street Journal‚ 10 Mistakes That Start-Up Entrepreneurs Make‚ Rosalind Resnick provides readers with what she believes are the most common mistakes made by start-up entrepreneurs.
Ms. Resnick reports that‚ in her experience‚ the following mistakes appear to be "the most common mistakes that start-up entrepreneurs make":
- Doing it alone
- Asking too many people for advice
- Spending too much time on product development‚ not enough on sales
- Targeting too small a market
- Entering a market with no distribution partner
- Overpaying for customers
- Raising too little capital
- Raising too much capital
- Not having a business plan
- Over-thinking your business plan
Although Ms. Resnick acknowledges that some mistakes are inevitable she does remind prospective entrepreneurs (Franchisors and Franchisees) to utilize the extensive books and articles available. According to Rosalind Resnick although there are many books and articles that have been written about entrepreneurship it is unrealistic to start a company without making a few mistakes along the way.
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