Monday, January 24, 2005

What NOT to Do! - 17 Mistakes that Startups Make from a Millionaire!

This is a good read. What is more important is WHAT TO DO!

Reprinted from the article from Enterpeneur Magazine:

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1. Know your goals for the venture. "A lot of people see an opportunity without ever asking themselves what they're doing it for," says Russo. "Are they trying to make a quick buck? Create a legacy? Have a lifestyle? There are a lot of reasons. It's critical that you know from the beginning what your goals are, because everything else is going to revolve around that."

2. Recruit and hire the best people. "It sounds almost cliché now to say I'd rather have an A team with a B idea than a B team with an A idea. The right team can fix a lot of problems. If you don't have the right team, you don't have much of a chance," Russo says. "Get the best people available at the time."

3. Develop a forgiving strategy. "Things are going to go wrong," he says. "They're going to be harder, take longer and cost more money than you think. You have to have a strategy to survive. A lot of people put together a plan that will work only if everything goes right. It's not going to."

4. Be honest with yourself. "Recognize shortcomings, weaknesses and problems immediately. Do not ignore them or try to talk yourself out of them," Russo says. "Address them head-on."

5. Commit to the business. "You can't really do anything significant without fully committing yourself to it. A lot of people try to dabble," he explains. "They think they'll do it part time [and] see how it works out. If you plan to be successful, you have to commit."

- Peter Russo, director of Boston University's Entrepreneurial Management Institute

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