Executive Director Of The Harvard Business School - amazonia.fiocruz.br

How to avoid the five most common entrepreneurial mistakes and failures. Reams have got written about what entrepreneurs should do when trying to get an enterprise off the ground and grow it. Eventually, principles codify out of the jumble of unrelated articles. I sift through a basket of opinions like a prospector panning for gold and every now and then find nuggets that I squirrel away, ready to employ when the opportunity strikes.

I suspect this is because those that write about entrepreneurship often have startup experiences themselves and optimism flows in their blood like corpuscles. But warnings about the things that can doom a startup are just as valuable maybe more useful than suggestions about the right actions to take.

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With that in mind, I offer five things that entrepreneurs should not do in their quest to create the next unicorn. Of course, a small slice of that enormity is huge. At the core, an entrepreneur is somebody who has a hypothesis. That hypothesis takes the form of a business idea. Have a hypothesis that you believe in. But be ready to pivot OOf business if that hypothesis turns out to be untrue.

Many entrepreneurs doom their own companies by adhering with a religious zeal to an idea that, if modified even slightly, would Executive Director Of The Harvard Business School better received by the market. But most ideas get better when varying perspectives chime in on their validity. The scientists then began to wonder if they could calculate the speed of the satellite if they measured the doppler shift of the signal they were monitoring. They could. This conversation ultimately TThe to some research into whether they could reverse the problem — i. And so was born an idea that turned into GPS.

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If that sharing had not happened, it could be argued that GPS would have been invented much later. And so it goes for entrepreneurs — prudently share your idea to Harvadd it better through iteration. Yes, there are arrogant jerks whose ideas make it big. But the older I get, the more convinced I am that they are the exception, not the rule. If a business leader tries too hard to convince me of the validity of their idea, I begin to suspect there is a major flaw in that idea. William Shakespeare Parody. It certainly can, especially for some more complicated propositions.

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But even in the delivery of that additional information, be sure your approach is one of calm confidence. That can be hard to do.

But obsession over dilution can lead entrepreneurs to be too stingy with equity which can result in not getting the best people which, in turn, can lead to slower growth. This fixation has the risk of protecting your equity stake but leaving you with a large chunk of a smaller business. Nobody likes to be told what not to do. But everybody — entrepreneurs included — can benefit from some tough talk about the things that can mess up an opportunity.

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These five lessons have stuck with me through my own involvement with entrepreneurial ventures. Email Address. November 20, ]