- Not doing a business plan. (Even well established businesses should have a plan that outlines their market, products and objectives.
- Not understanding your break-even point.
- Underestimating the importance of cash flow.
- Not differentiating your business from your competition.
- Ignoring the powerful plus of having a mentor.
- Working alone when a partner could compensate for your weaknesses and triple your effectiveness.
- Undercapitalizing the business at the start.
- Not tapping into common sources of startup funds.
- Failing to inform groundfloor investors, typically friends and family, of the inherent risk of startups.
- Expecting venture capitalists to be helpful.
Marty Kahn, SCORE Counselor
Visit us at: www.scoresouthflorida.net