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Most Common Mistakes Entrepreneurs
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Most Common Mistakes Entrepreneurs

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Being an entrepreneur is not about being unique. Millions of entrepreneurs, both successful and not successful, have followed this road before you. …

Being an entrepreneur is not about being unique. Millions of entrepreneurs, both successful and not successful, have followed this road before you.

Well, lucky you! That means you do not have to invent the wheel again. We provide you with an overview of common mistakes entrepreneurs make in their journey to success.

Read & learn!

Author: Eva Hukshorn, EFactor

Published in Business
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  • 1. Author:  Eva  Hukshorn  Most  common  mistakes  entrepreneurs  make    BEING  AN  ENTREPRENEUR  IS  NOT  ABOUT  BEING  UNIQUE.  MILLIONS  OF  ENTREPRENEURS,  BOTH  SUCCESSFUL  AND  NOT  SUCCESSFUL  HAVE  FOLLOWED  THIS  ROAD  BEFORE  YOU    WELL,  LUCKY  YOU!  THAT  MEANS  YOU  DO  NOT  HAVE  TO  INVENT  THE  WHEEL  AGAIN  WE  PROVIDE  YOU  WITH  AN  OVERVIEW  OF  THE  MOST  COMMON  MISTAKES  ENTREPRENEURS  MAKE  IN  THEIR  JOURNEY  TO  SUCCESS    READ  &  LEARN!          If  you  would  like  more  assistance,  email  membersupport@efactor.com,  we  are  more  than  happy  to  act  as  your  coach  to  create  your  ul;mate  roadmap     1  
  • 2. Author:  Eva  Hukshorn  1.  Having a perfect product, but no customers2.  If you hire employees which are still employed by others, check their agreements3.  Do not surround yourself with advisors which have not experience in dealing with start-ups, entrepreneurs of external fund providers like informal investors or venture capitalists4.  Communicate!! With your partners, with your employees, with your customers5.  Underestimate legal matters6.  Cash out before cash is in7.  Have just 1 idea and holding on to long8.  Most Entrepreneurs are know-it-alls with too much hubris. Hence, do not forget to do sufficient market research9.  Get ride of the overhead!10.  Make sure you have (international) intellectual property protection11.  No experience in sales, finance, products, legal12.  Make sure to comply with local laws 2        
  • 3. Author:  Eva  Hukshorn  13.  Be explicit on what it is exactly what you do, without talking for 10 minutes. Train this14.  Afraid to appoint a CEO among partners15.  Be clear on who owns what amount of share, manage expectations from the start what their role is16.  When an external fund provider like an informal investor or venture capitalist is showing interest, do not forget to negotiate other things than valuation: dividends, redemption rights, anti-dilution protection et cetera17.  No focus, normally this happens because of lack of planning18.  Forget about small customers and only focus on 1 large customer19.  Make sure the other party signs a non-disclosure agreement when you disclose product features20.  Overselling, please don’t!21.  Hockey sticks in business plan, they just make you not credible22.  Don’t be afraid of sales, it is a numbers games, so JUST DO IT!23.  Admit that you are NOT good at certain tasks or DON’T have the expertise. And then solve it24.  Founding an idea is not everything, you also have to execute it. Cherish does people who help you do this 3