DISQUS

AccMan TalkBack: 5 deadly mistakes when starting a business

  • David Maister · 3 years ago
    The trouble with these lists, Accman, is that there are a thousand ways to fail. Avoiding nine hundred of them doesn't guarantee success. It's much more helpful to have a list of things that predict success. I suspect that if you can pass a few key success tests, then you'll be forgiven a lot of mistakes - even so-called deadly ones.

    My nominations for the success tests are the familiar ones (which I think you pass in flying colo(u)rs):

    a)Doing something you are passionate about
    b)Being clear about who you ant to serve and what they need
    c)Having something to offer them

    Keep swinging!
  • Dennis Howlett · 3 years ago
    Indeed David - and I would hope these are almost a given in many cases. But then the problem with passion is it is easy to get lost in it and forget the bills need paying from time to time. I find balance in all things is healthy. Unfortunately, my background as an accountant means it is uncomfortable viewing the world as a glass half full.

    But then thanks for reminding me that there is a flipside to consider. Which begs a question - why when we're taqught Dr must equal Cr do we persist with a cautionary view of the world?
  • Manoj Ranaweera · 3 years ago
    My personal thoughts on this:

    1. Too little cash - agree - negotiate wherever possible with suppliers - turn them to strategic partners on risk reward share basis - get funding (not easy as it sounds)
    2 Thinking small - agree - will be stuck forever
    3.Skimping on tech - you could get by
    4. Underestimating the importance of sales - agree
    5. Losing focus - agree - will be the end

    Perhaps one day I will publish my own top 5. Little bit too early in my journey to broad cast these now..
  • Tom Raftery · 3 years ago
    Sales?

    D'oh! I knew there was something I was forgetting.