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HEADLINE NEWS: Click here for the latest headline news FEATURED ARTICLE: The 10 Biggest Mistakes Entrepreneurs Make - and how to avoid them 10) Underestimating the competition. The best way to keep tabs on the competition is to be one of their customers. 9) Arguing too much over valuation. The best way to reach agreement on valuation is to base it on performance over a period of time. 8) Devoting insufficient energy toward creating a Board or Advisory Board. The best way to provide for independent oversight and advice is to appoint someone to recruit and support a board of directors and advisory board. 7) Hiring skills for today, not tomorrow. The best way to hire for the future is to employ college interns on a semi-annual basis who are studying in your field. 6) Not responding quickly enough. The best way to respond to threats and opportunities is to survey your customers on a regular basis and to allow your employees to spend a certain amount of their time on new (speculative) projects. 5) Not using measurable metrics. The best way to measure what counts is to create a "dashboard" that is reviewed by everyone in the company each week. This dashboard might include:
4) Spending too far ahead of revenue. The best way to avoid budget over runs is to allocate all expenses to a percentage of revenue, i.e., marketing 15%, R&D 5%, etc. 3) Putting technology first (and customers last). The best way to avoid falling in love with the product is to watch customers using it. 2) Focusing too broadly. The best way to avoid trying to do too much with too little is to tie everyone's compensation to product launch, refinement and sales. 1) Not solving critical business problems (not knowing what they are or denying that they exist). The best way to address critical business problems is to use your board of directors, board of advisors and/or customer advisory counsel, and not shy away from tough questions. |
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