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Friday, September 10, 2010

Twelve Reasons Why Businesses Fail

From Naeem Zafar's book Seven Steps to a Successful Startup:
  1. Solving a problem that most users are not willing to pay to solve your way
  2. Thinking that you can do it all by yourself
  3. Lacking trust among team members
  4. Being overconfident and not questioning yourself
  5. Lacking a crisp, singular focus&emdash;Trying to be everything to everyone
  6. Marketing myopia
  7. Confusing a hobby with a business
  8. Pricing incorrectly and not knowing your real competition
  9. Failing to properly define your market and customers
  10. Not having enough financial resources available
  11. Focusing on a market segment too small to sustain you
  12. Starting a business for the wrong personal reasons
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