Relevent to entrepreneurs young and old

Great post by Michael Simmons over at the Young Entrepreneur Journey Blog entitled "The Top 6 Mistakes of Committed Young Entrepreneurs." The majority of these apply to entrepreneurs of all ages but particularly to the younger generation of aspiring new venture owners.  Go check it out!

The 6 main points:

• Don't mistake early growth spurts with ability
• Don't depend on word-of-mouth
• Don't pretend to be in business  (particularly common amongst Babson students)
• Get Real
• Put branding behind sales  (it's about bootstrapping!)
• Don't Spread Yourself to Thin (one of my worst problems)

These same issues come up routinely across Invenio Group ventures and clients.  My personal viewpoint is that ideas and opportunities are endless, it is execution and the ability to generate cashflow that seperate the successful entrepreneurs from the academics and those who just talk about it. 

Another key point I would add is to understand the industry you are operating in and frame your strategy (particularly marketing) around that.  If you are in the high end luxury industry you should not be placing flyers on college billboards and advertising to students at your college.  I see a lack of general research on the industry and business model common amongst novice entrepreneurs.  While many times a full business plan is not required to launch a venture, time should still be devoted to some industry research and the financial viability of your proposed venture. 

Comments

[Ron]

Maybe "Don't take word of mouth for granted" would be a better way to put it. Personally, I find a well crafted word of mouth marketing strategy excellent.