30#Most#Common#Mistakes#of#Entrepreneurs#!!Author:!Eva!Hukshorn!#
###1.  EFactor#is#a#Smart!Network!that#matches#entrepreneurs#with#the#very#people#who#can#help#    them#grow#2.  Finding#B...
Eva#Hukshorn:#An#introducJon#•  Work!Experience!     -  Current: #          #Partner#EFactor#           #     #          #...
FUNDING#TUESDAY,#EVERY#TUESDAY#So!what!can!you!expect!from!us!each!Funding!Tuesday?!1.  Webinars#on#EFactor#on#Finance#&#F...
Webinar#Program#Overview#2012#June#19:#     #Business#Plan#WriJng#`#A#Roadmap#to#Success#July#3:##     #Pitching#&#Present...
Mistake#1:#Becoming#an#entrepreneur#for#all#the#wrong#reasons#              Key!Points!•    Think#about#it#before#you#star...
Mistake#2:#No#vision,#no#focus#                 Key!Points!•    No#vision#•    No#mission#•    No#path#•    No#goal#•    N...
Mistake#3:#No#business#plan#              Key!Points!•    Define#your#idea#•    Do#research#•    Create#a#Business#Plan#•  ...
Mistake#4:#Unlimited#growth#opportuniJes#              Key!Points!•    Research#market#•    Understand#needs#target#group#...
Mistake#5:#Too#niche#              Key!Points!•    Picking#small#markets#•    Avoid#compeJJon#•    Sense#of#control#•    N...
Mistake#6:#CompeJJon#is#not#relevant#              Key!Points!•    Market#research#•    Part#of#you#business#plan#•    Bek...
Mistake#7:#Not#knowing#your#customer#              Key!Points!•    Research#you#customer#•    Understand#needs#•    Know#t...
Mistake#8:#No#validaJon#of#the#product#              Key!Points!•    Great#product#but#no#customers#•    To#afraid#to#ask#...
Mistake#9:#The#“kinder`überraschung”#effect#                 Key!Points!•    Too#much#product#development#•    No#sales#•  ...
Mistake#10:#Wrong#Jming#of#launching#              Key!Points!•    Too#quick#can#ruin#reputaJon#•    Too#slow#can#disconne...
Mistake#11:#No#idea#of#your#needs#to#succeed#              Key!Points!•    Create#a#milestone#overview#•    Define#what#you...
Mistake#12:#Forgehng#to#execute#              Key!Points!•    Idea#needs#to#be#developed#•    ValidaJon#create#value#•    ...
Mistake#13:#CreaJng#too#large#budgets#              Key!Points!•    Create#a#budget#before#you#start#•    Down#&#upside#sc...
Mistake#14:#Forgehng#to#bootstrap#              Key!Points!•    Be#creaJve#•    Funding#from#own#funds#&#FFF#•    Organic#...
Mistake#15:#CreaJng#too#small#budgets#              Key!Points!•    Create#a#budget#before#you#start#•    Down#&#upside#sc...
Mistake#16:#Thinking#you#will#be#the#next#Mark#Zuckerberg#              Key!Points!•    Be#realisJc#on#forecasts#•    Calc...
Mistake#17:#Using#all#your#last#financial#resorts#              Key!Points!•    Don’t#spend#it#all#at#once#•    Be#care#wit...
Mistake#18:#OveresJmaJng#your#leadership#skills#               Key!Points!•    Building#is#leading#•    Engaging#ahtude#on...
Mistake#19:#Talking#to#much#               Key!Points!•    Especially#younger#people#talk#     too#much#•    Sales#is#abou...
Mistake#20:#Doing#everything#yourself#               Key!Points!•    Delegate#to#grow#•    All#jobs#in#one#in#beginning#• ...
Mistake#21:#Bad#programmers#and#wrong#plavorms#                 Key!Points!•    Programmer#build#your#     infrastructure#...
Mistake#22:#Building#teams#with#the#same#type#of#people#                Key!Points!•     Too#focus,#too#much#work#leads#  ...
Mistake#23:#Building#teams#with#friends#                 Key!Points!•    Friends#are#not#necessary#good#     business#part...
Mistake#24:#Maintaining#equal#partnerships#               Key!Points!•    Divide#shares#equally#at#start#is#     common#• ...
Mistake#25:#Stop#maintaining#&#building#relaJonships#              Key!Points!•    Networking#is#key#when#starJng#•    Wor...
Mistake#26:#Moving#into#grey#areas#               Key!Points!•    Times#get#tuff#•    All#is#fair#in#love#and#war#is#not#  ...
Mistake#27:#Thinking#only#1#way#leads#to#Rome#              Key!Points!•    What`if#scenario’s#•    Create#buffers#in#Jme#a...
Mistake#28:#Picking#a#bad#locaJon#               Key!Points!•    Some#places#are#beker#then#     others#•    Differs#per#in...
Mistake#29:#Legal#problems#do#not#solve#themselves#                 Key!Points!•    Costly#&#Jme#consuming#if#not#     dea...
Mistake#30:#Forgehng#the#bigger#picture#                Key!Points!•    Plan#before#you#start#•    Create#a#5`year#plan#• ...
Conclusion#              36#
4#addiJonal#webinars#in#2013#in#this#series#Jan.#8:#       #    #Strategy#`#A#Vision#for#the#Future,#A#Strategy#for#Gehng#...
BECOME!A!VIP!MEMBER!WITHIN!1!WEEK!AND!GET!YOUR!PLAN!CHECKED!!SPECIAL!OFFER,!ONLY!USD!12!!1.  FREE!checking!of!final!drag!!b...
Thank!you!!                                            !This!document!was!prepared!and!wri_en!by!Eva!Hukshorn.!Several!peo...
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30 Most Common Mistakes of Entrepreneurs

  1. 1. 30#Most#Common#Mistakes#of#Entrepreneurs#!!Author:!Eva!Hukshorn!#
  2. 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#Offering#you#a#network,#knowledge,#events,#and#every##business# resources#you#need#to#succeed#@#discount!#5.  GO!Online,!fix!your!personal!profile!&!company!profile!and!get!MATCHED!! It’s!not!about!connecPons!Q!it’s!about!the!right!ones…! 2#
  3. 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:# #CerJfied#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#CerJfied# # # # #Accountants#(ACCA),#United#Kingdom# 3# ##
  4. 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#find#Q&As#of#the#webinars#under# NETWORK#5.  In#the#KNOWLEDGE!base#you#will#find#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. 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. 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#financial#consequences#•  Not#temporary#•  Follow#your#dream# Make!a!raPonal!decision!about!taking!this!step! 6#
  7. 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. 8. Mistake#3:#No#business#plan# Key!Points!•  Define#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. 9. Mistake#4:#Unlimited#growth#opportuniJes# Key!Points!•  Research#market#•  Understand#needs#target#group#•  Divide#target#groups#in#Jer#1#&#2#•  Beta#test#product##•  Understand#price#elasJcity#•  Understand#regional#&#other# boundaries# Understand!your!boundaries! 9#
  10. 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. 11. Mistake#6:#CompeJJon#is#not#relevant# Key!Points!•  Market#research#•  Part#of#you#business#plan#•  Beker#understanding#of# customer#&#product#needs#•  Don’t#invent#the#wheel#•  Global#compeJtors#can#be# regional#supporters# Be_er!well!stolen!than!badly!conceived! 11#
  12. 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. 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. 14. Mistake#9:#The#“kinder`überraschung”#effect# Key!Points!•  Too#much#product#development#•  No#sales#•  Feedback#valuable#for#effecJve# 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. 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. 16. Mistake#11:#No#idea#of#your#needs#to#succeed# Key!Points!•  Create#a#milestone#overview#•  Define#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. 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. 18. Mistake#13:#CreaJng#too#large#budgets# Key!Points!•  Create#a#budget#before#you#start#•  Down#&#upside#scenario’s#•  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. 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. 20. Mistake#15:#CreaJng#too#small#budgets# Key!Points!•  Create#a#budget#before#you#start#•  Down#&#upside#scenario’s#•  Calculate#yearly#funding#needs#•  Think#about#ROI#overall#and#per# project#/#business#unit#•  Always#bootstrap#•  Be#in#control# Growth!cost!money! 20#
  21. 21. Mistake#16:#Thinking#you#will#be#the#next#Mark#Zuckerberg# Key!Points!•  Be#realisJc#on#forecasts#•  Calculate#downside#scenario’s#•  No#hockey`sJck#growth#forever#•  Know#your#limits#financially,# personally#&#operaJonally#•  Create#SWOT#analysis# Set!expectaPons!realisPc,!but!remain!opPmisPc! 21#
  22. 22. Mistake#17:#Using#all#your#last#financial#resorts# Key!Points!•  Don’t#spend#it#all#at#once#•  Be#care#with#involving#Friends,# Family#Fools#•  Make#a#personal#financial# planning#before#starJng#•  Define#your#financial#limits#•  Hold#on#to#your#equity# Use!your!money!wisely:!determine!your!limits!before!you!start! 22#
  23. 23. Mistake#18:#OveresJmaJng#your#leadership#skills# Key!Points!•  Building#is#leading#•  Engaging#ahtude#on#all#levels#•  Don’t#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. 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. 25. Mistake#20:#Doing#everything#yourself# Key!Points!•  Delegate#to#grow#•  All#jobs#in#one#in#beginning#•  Low#difficulty#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. 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#first#you#need#to#hire# Programmers!are!key!personnel! 26#
  27. 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#•  Conflict#is#ok#•  Deal#with#conflict#&#feedback#•  Trust#is#key#•  Complementary#skills#in#team# Don’t!surround!yourself!with!“YesQMen”,!you!need!people!you!can!rely! on!when!Pmes!get!tuff! 27#
  28. 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!can’t!fire!them,!don’t!hire!them! 28#
  29. 29. Mistake#24:#Maintaining#equal#partnerships# Key!Points!•  Divide#shares#equally#at#start#is# common#•  Doesn’t#help#with#disagreement#•  Different#ideas#•  Define#a#leader#to#hold#on#to#the# vision#and#focus# There!can!only!be!one!captain!on!a!ship! 29#
  30. 30. Mistake#25:#Stop#maintaining#&#building#relaJonships# Key!Points!•  Networking#is#key#when#starJng#•  Work#overload#leads#to#defocus#•  Don’t#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#
  31. 31. Mistake#26:#Moving#into#grey#areas# Key!Points!•  Times#get#tuff#•  All#is#fair#in#love#and#war#is#not# true#in#business#•  Protect#your#reputaJon#•  Be#clear#on#norms#&#values#•  Communicate#from#the#start#•  Act#when#necessary# Always!walk!a!straight!line! 31#
  32. 32. Mistake#27:#Thinking#only#1#way#leads#to#Rome# Key!Points!•  What`if#scenario’s#•  Create#buffers#in#Jme#and# money#•  Plan#•  But#be#dynamic#•  Be#sensiJve#for#warning#signals# Have!a!plan!B,!C!and!D! 32#
  33. 33. Mistake#28:#Picking#a#bad#locaJon# Key!Points!•  Some#places#are#beker#then# others#•  Differs#per#industry#and#country#•  Start#where#the#experts#are#•  Start#where#customers#are# LocaPon,!locaPon,!locaPon! 33#
  34. 34. Mistake#29:#Legal#problems#do#not#solve#themselves# Key!Points!•  Costly#&#Jme#consuming#if#not# dealt#with#properly#•  Legal#decisions#at#start#•  Influence#future#course#of# business#•  Hire#skilled#lawyer#experienced# with#entrepreneurs# Deal!with!it!now! 34#
  35. 35. Mistake#30:#Forgehng#the#bigger#picture# Key!Points!•  Plan#before#you#start#•  Create#a#5`year#plan#•  3#milestones#+#18#months#to`do#•  Assess#frequently#if#you#are#sJll# on#the#right#track#•  Work`life#balance#will#enhance# success# Work!hard,!play!hard!but!never!forget!to!focus! 35#
  36. 36. Conclusion# 36#
  37. 37. 4#addiJonal#webinars#in#2013#in#this#series#Jan.#8:# # #Strategy#`#A#Vision#for#the#Future,#A#Strategy#for#Gehng#There#Jan.#15: #Personnel#–#You#Have#Got#to#Love#Them##Jan.#29: #InnovaJon#–#Blockbuster#or#Ghostbuster?##Feb.#12: #Sustainable#Entrepreneurship:#Lean,#Mean#&#Green###Several#webinars#on#Crowfunding#including#panel# 37#
  38. 38. BECOME!A!VIP!MEMBER!WITHIN!1!WEEK!AND!GET!YOUR!PLAN!CHECKED!!SPECIAL!OFFER,!ONLY!USD!12!!1.  FREE!checking!of!final!drag!!business!plan!2.  FREE!discussion!on!next!steps!and!how!&!where!to!find!funding!in!your! region!3.  FREE!to!ask!addiPonal!quesPon!related!to!funding!&!investment!related! topics!4.  FREE!documentaPon!of!all!webinars!so!far,!presentaPons!+!notes!!5.  FREE!downloads!on!relevant!entrepreneurial!topics!!6.  EXTRA!discounts!on!all!our!products!on!our!website!7.  Send!me!an!email!on:!www.efactor.com/hukshorn!8.  Follow!me!on:!www.efactor.com/hukshorn!!!! HTTP://WWW.EFACTOR.COM/VIP!# 38###
  39. 39. Thank!you!! !This!document!was!prepared!and!wri_en!by!Eva!Hukshorn.!Several!people!and!organizaPons! have!inspired!her!to!write!this!presentaPon,!amongst!which!are,!but!not!limited!to!the! Founders!of!EFactor!
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