30 Most Common Mistakes of Entrepreneurs

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  • 1. 30#Most#Common#Mistakes#of#Entrepreneurs#!!Author:!Eva!Hukshorn!#

2. ###1. EFactor#is#a#Smart!Network!that#matches#entrepreneurs#with#the#very#people#who#can#help#them#grow#2. Finding#Business!Partners:#from#partners#to#investors,#from#coaches#to#customers#3. Largest!Entrepreneurial!Network!in!the!World#with#1mio#members#in#185#countries#4. An#online#community#Oering#you#a#network,#knowledge,#events,#and#every##business#resources#you#need#to#succeed#@#discount!#5. GO!Online,!x!your!personal!prole!&!company!prole!and!get!MATCHED!! Its!not!about!connecPons!Q!its!about!the!right!ones! 2# 3. Eva#Hukshorn:#An#introducJon# Work!Experience! - Current: ##Partner#EFactor# # ##Board#of#Advisory:#TreFoil#Energy#/#CleanDrinks#/## # ##Global#Thinkers#/#ShowLinq### # ##Coach#Startup:#Bootcamp#Amsterdam#/#New#Venture#McKinsey# - 2009##2010:#Dutch#BouJque##Marktlink#Mergers#AcquisiJons,#Amsterdam# - 2007##2009:# #Royal#Bank#of#Scotland##Corporate#Finance,#Amsterdam# - 2004##2009:# #ABN#AMRO##Corporate#Finance#New#York,#Amsterdam# - 2003##2004:# #Accenture##ConsulJng#London,#Amsterdam# EducaPon! - 1997##2002:#MSc#Economics,#Finance##University#of#Groningen,#the#Netherlands# - 2003:# ##InternaJonal#Asian#Studies##NaJonal#Sun#Yat`Sen#University,#Taiwan# - 2009##2011:# #CerJed#Management#AccounJng#(CMA)##InsJtute#of#Management#Accountants### ###(IMA),#United#States# - 2009##2011:# #Colloquium#General#Modern#Art##Academy#for#History#of#Art,#the#Netherlands# - 2012:##InternaJonal#Financial#Report#Standards#(DipIFR)##AssociaJon#of#Chartered#CerJed## ###Accountants#(ACCA),#United#Kingdom# 3### 4. FUNDING#TUESDAY,#EVERY#TUESDAY#So!what!can!you!expect!from!us!each!Funding!Tuesday?!1. Webinars#on#EFactor#on#Finance#Funding#related#topics#in#the#EVENT!SecJon#2. Blogs#interviews#with#informal#investors#and#funded#entrepreneurs#with#Jps#tricks#in#the#BLOGS!secJon#under#NOW!3. Finance#Funding#related#arJcles#on#NOW!feed#4. In#the#Finance#Funding#GROUP!on#our#website#you#will#nd#Q&As#of#the#webinars#under#NETWORK#5. In#the#KNOWLEDGE!base#you#will#nd#more#and#more#presentaJons#on#Finance#Funding#related#topics,#including#the#webinar#presentaJons#6. And#if#you#become#a#VIP!MEMBER!you#will#personally#be#supported#on#your#Finance#Funding#related#quesJons! 4# 5. Webinar#Program#Overview#2012#June#19:# #Business#Plan#WriJng#`#A#Roadmap#to#Success#July#3:## #Pitching#PresentaJon#`#3#Minutes,#1#Impression#July#17:# #Strategy#`#A#Vision#for#the#Future,#A#Strategy#for#Gehng#There#July#31:# #BudgeJng#ForecasJng#`#PredicJng#the#Outcome#Aug.#14:# #Working#Capital#`#An#Unknown#Key#to#Success#Aug.#28:# #Capital#Management#`#Playing#with#Risk#Sept.#11.:# #Funding#Investments#`#Some#Sources#are#More#Equal#then#Others#Sept.#25:##ValuaJon#`#Art#or#Science#Oct.#9:##Exit#Strategy#`#Nice#to#Have#or#Need#to#Have?#Oct.#23:# #Bootstrapping#`#An#AlternaJve#Answer#to#Funding#Nov.#6:##Crowdfunding#`#The#Power#of#Friends,#Family#and#Fools#Nov.#20:# #Networking#`#Nice#You#have#3000#Friends,#I#have#30#Relevant#ConnecJons#Dec.#4:##MarkeJng#(Social)#Media#`#Noise#or#Value?#Dec.#11:# #No#Sales,#No#Glory#Dec.!18:! !Most!Common!Mistakes!of!Entrepreneurs! 5# 6. Mistake#1:#Becoming#an#entrepreneur#for#all#the#wrong#reasons#Key!Points! Think#about#it#before#you#start# Entrepreneurial#life`style# Discuss#with#your#direct# environment# Serious#nancial#consequences# Not#temporary# Follow#your#dream# Make!a!raPonal!decision!about!taking!this!step! 6# 7. Mistake#2:#No#vision,#no#focus# Key!Points! No#vision# No#mission# No#path# No#goal# No#plan# No#relevance#in#your#daily#to`do# No#focus#There!is!no!elevator!to!success,!you!need!to!take!the!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! stairs!!one!step!at!the!Pme! 7# 8. Mistake#3:#No#business#plan#Key!Points! Dene#your#idea# Do#research# Create#a#Business#Plan# Know#your#target#customer# Test#the#market# Reinvent#yourself#constantly# Focus#on#bigger#picture#Every!major!decision!in!your!life!takes!planning,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! becoming!an!entrepreneur!is!a!major!decision!8# 9. Mistake#4:#Unlimited#growth#opportuniJes#Key!Points! Research#market# Understand#needs#target#group# Divide#target#groups#in#Jer#1## Beta#test#product## Understand#price#elasJcity# Understand#regional#other# boundaries#Understand!your!boundaries!9# 10. Mistake#5:#Too#niche#Key!Points! Picking#small#markets# Avoid#compeJJon# Sense#of#control# No#money#can#be#made# What#should#others#start#up?#Understand!your!boundaries!10# 11. Mistake#6:#CompeJJon#is#not#relevant#Key!Points! Market#research# Part#of#you#business#plan# Beker#understanding#of# customer#product#needs# Dont#invent#the#wheel# Global#compeJtors#can#be# regional#supporters# Be_er!well!stolen!than!badly!conceived! 11# 12. Mistake#7:#Not#knowing#your#customer#Key!Points! Research#you#customer# Understand#needs# Know#them#by#name# Customize#products#at#start# Feedback#is#best#input# Friends#Family#are#not# customers# Focus!on!customers,!not!compePtors! 12# 13. Mistake#8:#No#validaJon#of#the#product#Key!Points! Great#product#but#no#customers# To#afraid#to#ask#money# Not#sustainable# ValidaJon#of#products#means# generaJng#revenue#streams#Free!is!not!a!business!model!13# 14. Mistake#9:#The#kinder`berraschung#eect# Key!Points! Too#much#product#development# No#sales# Feedback#valuable#for#eecJve# sales#logisJc#process# Pareto#80`20%#rule# Focus#on#sales#from#start# Customize#in#beginning#Launch!your!product!when!80%!ready,!the!other!20%!comes!from!feedback!of!customers!14# 15. Mistake#10:#Wrong#Jming#of#launching#Key!Points! Too#quick#can#ruin#reputaJon# Too#slow#can#disconnect#you# with#customers# Force#yourself#to#launch# But#do#it#planned# What#is#the#minimum#that# should#be#done#Ready!to!launch?!Have!a!clear!countdown! 15# 16. Mistake#11:#No#idea#of#your#needs#to#succeed#Key!Points! Create#a#milestone#overview# Dene#what#you#need#to#do#to# reach#each#milestone# - funding#needed# - contacts#needed# - other#crucial#needs# What!does!it!take!to!be!successful?!16# 17. Mistake#12:#Forgehng#to#execute#Key!Points! Idea#needs#to#be#developed# ValidaJon#create#value# ValidaJon#needs#business# structure# ExecuJon#is#key#An!idea!is!worth!nothing!without!execuPon! 17# 18. Mistake#13:#CreaJng#too#large#budgets#Key!Points! Create#a#budget#before#you#start# Down#upside#scenarios# Calculate#yearly#funding#needs# Think#about#ROI#overall#and#per# project#/#business#unit# Always#bootstrap# Be#in#control#Being!an!entrepreneur!is!not!the!same!as!being!a!celebrity!18# 19. Mistake#14:#Forgehng#to#bootstrap#Key!Points! Be#creaJve# Funding#from#own#funds#FFF# Organic#growth#through#revenue# Services#/#consulJng#businesses# Lean#mean# Delays#in#development# Bootstrapping!is!not!a!way!of!funding!your!business,!it!is!a!mentality! 19# 20. Mistake#15:#CreaJng#too#small#budgets#Key!Points! Create#a#budget#before#you#start# Down#upside#scenarios# Calculate#yearly#funding#needs# Think#about#ROI#overall#and#per# project#/#business#unit# Always#bootstrap# Be#in#control# Growth!cost!money!20# 21. Mistake#16:#Thinking#you#will#be#the#next#Mark#Zuckerberg#Key!Points! Be#realisJc#on#forecasts# Calculate#downside#scenarios# No#hockey`sJck#growth#forever# Know#your#limits#nancially,# personally#operaJonally# Create#SWOT#analysis#Set!expectaPons!realisPc,!but!remain!opPmisPc! 21# 22. Mistake#17:#Using#all#your#last#nancial#resorts#Key!Points! Dont#spend#it#all#at#once# Be#care#with#involving#Friends,# Family#Fools# Make#a#personal#nancial# planning#before#starJng# Dene#your#nancial#limits# Hold#on#to#your#equity# Use!your!money!wisely:!determine!your!limits!before!you!start!22# 23. Mistake#18:#OveresJmaJng#your#leadership#skills# Key!Points! Building#is#leading# Engaging#ahtude#on#all#levels# Dont#micro#manage# Be#paJent# MoJvaJon#is#key# Be#a#manager#from#the#start# Otherwise#leave#HR#to#others#StarPng!up!a!company!is!about!leading!people!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! through!the!darkness!with!just!one!torch!23# 24. Mistake#19:#Talking#to#much# Key!Points! Especially#younger#people#talk# too#much# Sales#is#about#listening# More#respect# Most#communicaJon#is# unspoken# Building!respect!is!about!shucng!up!and!listening!24# 25. Mistake#20:#Doing#everything#yourself# Key!Points! Delegate#to#grow# All#jobs#in#one#in#beginning# Low#diculty#level#at#start# Know#what#you#are#capable#of# Details#are#for#specialists# Calculate#cost#prices# Remain#focus#on#bigger#picture# Focus!on!bigger!picture!and!leave!details!to!specialists! 25# 26. Mistake#21:#Bad#programmers#and#wrong#plavorms# Key!Points! Programmer#build#your# infrastructure# Bad#plavorms#lead#to#bad# business# Next#to#sales,#they#are#probably# the#rst#you#need#to#hire# Programmers!are!key!personnel!26# 27. Mistake#22:#Building#teams#with#the#same#type#of#people#Key!Points!Too#focus,#too#much#work#leads#to#blindness#for#hurdles#Be#open#for#honest#feedback#Conict#is#ok#Deal#with#conict#feedback#Trust#is#key#Complementary#skills#in#team# Dont!surround!yourself!with!YesQMen,!you!need!people!you!can!rely!on!when!Pmes!get!tu!27# 28. Mistake#23:#Building#teams#with#friends# Key!Points! Friends#are#not#necessary#good# business#partners# Competence#more#important#in# business# Trust# Harder#to#provide#feedback#If!you!cant!re!them,!dont!hire!them!28# 29. Mistake#24:#Maintaining#equal#partnerships# Key!Points! Divide#shares#equally#at#start#is# common# Doesnt#help#with#disagreement# Dierent#ideas# Dene#a#leader#to#hold#on#to#the# vision#and#focus# There!can!only!be!one!captain!on!a!ship!29# 30. Mistake#25:#Stop#maintaining#building#relaJonships#Key!Points! Networking#is#key#when#starJng# Work#overload#leads#to#defocus# Dont#forget#to#pitch# Networking#is#part#of#your#to`do# Keep#in#touch#with#relaJonships# Nice#you#have#3000#friends,#but# I#have#30#relevant#connecJons#Networking!is!the!reason!your!start!was!successful,!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! it!will!also!be!the!reason!to!conPnue!to!be!successful!30