| Q. What are the Biggest Mistakes Entrepreneurs Make?
Here are a few:
* Running out of Working Capital
* Failing to plan or failing to monitor and update their plan to the realities of the marketplace
* Blue Sky, and Not Invented Here Syndrome
* Confusing being a leader with being a manager and not knowing when to get the hell out of your teams way
* Hiring B grade people so that the entrepreneur is irreplaceable to the operation
* Ego
* Losing the goodwill of the customer, employees or suppliers, but realistically, if you lose your employees good will you can kiss it all goodbye
* Losing focus on your core mission and values
Ultimately if you run out of money, your done…there is not tomorrow to fix whatever is wrong, or wait for your successful contracts to pay up.
Bankers and investors HATE surprises, keep them in the loop, and revise your plans and forecasts accordingly.
Crispin Courtenay
Banquet Chef at Wilson Creek Winery |
