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17 Mistakes Start-ups Make

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Jul 14, 2009 12:00 EDT

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http://www.cpd.ogi.edu/mst/capstone/17Mistakes.htm

17 Mistakes Made by Start-ups
John Osher
 
 
John Osher is a serial entrepreneur who has developed hundreds of consumer products, including an electric toothbrush that became America's top selling toothbrush in just 15 months.

At one point, Osher came up with a list of 17 mistakes to avoid if you want to create the perfect start-up. The list has been widely published and was reputedly used in a Harvard Business School case study.

In this Valleywag version, Nicholas Carson (Gawker.com) has summarized Oshers 17 points, reducing them to 100 words:
 
  • Failing to spend enough time researching the business idea to see if it's viable.
  • Miscalculating market size. Entrepreneurs say, 'The market size is 50 million people. If I only sell to 2 percent, I'd be selling a million.' But most products sell less than 1 percent.
  • Making a commitment on sales projections that were wrong. Created costs that require those projections to be met. Run out of money.
  • Overprojecting sales prospects.
  • Making cost projections that are too low.
  • Hiring too many people and spending too much.
  • Lacking a contingency plans.
  • Bringing in unnecessary partners.
  • Hiring for convenience rather than skill requirements.
  • Spending half their time doing something that represents 5 percent of their business.
  • Accepting that it's "not possible" too easily.
  • Focusing too much on volume and company size rather than profit.
  • Looking for somebody to tell you you're right.
  • Lacking simplicity.
  • Lacking clarity of your long-term aim and business purpose.
  • Going after too many targets at once.
  • Lacking an exit strategy.
(to see the unedited list ... click on the link above)

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17 Mistakes Start-ups Make

Relevant Subject and Topic
What is an Entrepreneur, Importance of Entrepreneurship, Policy Building, Goal Setting, Life Long Learning, Organization Skills, Work-Life Balance, The Time Value of Money, Managing Money, Investing in the Future, View more...

Types
Article
Best Practice

Features
Informative, Educational, Entertaining, Persuasive, Inspirational, Experiential, Competitive, Tool to Use, Not Interactive, Text

Format
Blog

Copyright Owner
John Osher
Nicholas Carson
Gawker.com

Most Suitable For Use By
Instructors, Facilitators, Parents, Learners, Entrepreneurs, Policy Makers

Age Appropriateness
Adult(19+)
Youth(12-18)

Grade Appropriateness
High School, Postsecondary, Graduate, Adult General

Geographic Suitability
All or Non-Specific

Language
English

Education Standards Maps

Version History

Date Edited
Notes
Jul 14, 2009 12:00 EDT
PNR

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