John Osher has developed hundreds of consumer products and has started several successful companies. Here’s his 17-point What Not to Do list of mistakes:
- Failing to spend enough time researching the business idea to see if it’s viable.
- Miscalculating market size, timing, ease of entry and potential market share.
- Underestimating financial requirements and timing.
- Overprojecting sales volume and timing.
- Making cost projections that are too low.
- Hiring too many people and spending too much on offices and facilities.
- Lacking a contingency plan for a shortfall in expectations.
- Bringing in unnecessary partners.
- Hiring for convenience rather than skill requirements.
- Neglecting to manage the entire company as a whole.
- Accepting that it’s “not possible” too easily rather than finding a way.
- Focusing too much on sales volume and company size rather than profit.
- Seeking confirmation of your actions rather than seeking the truth.
- Lacking simplicity in your vision.
- Lacking clarity of your long-term aim and business purpose.
- Lacking focus and identity.
- Lacking an exit strategy.