John Osher in inarguably one of the most successful entrepreneurs of age. What makes him so successful is his ability to replicate his success. In today’s world where we like things packaged and clearly organized, he has set forth a list of 17 top mistakes, which if avoided would certainly create the “perfect company.”
For those who would like to find a full copy, I recommend this website, for those of you who just want to know what the mistakes are and think you can figure out how to avoid them on your own, I’ve posted a condensed list below:
Mistake 1: Failing to spend enough time researching the business idea to see if it’s viable.
Mistake 2: Miscalculating market size, timing, ease of entry and potential market share.
Mistake 3: Underestimating financial requirements and timing.
Mistake 4: Overprojecting sales volume and timing. Mistake 5: Making cost projections that are too low.
Mistake 6: Hiring too many people and spending too much on offices and facilities.
Mistake 7: Lacking a contingency plan for a shortfall in expectations.
Mistake 8: Bringing in unnecessary partners.
Mistake 9: Hiring for convenience rather than skill requirements.
Mistake 10: Neglecting to manage the entire company as a whole.
Mistake 11: Accepting that it’s “not possible” too easily rather than finding a way.
Mistake 12: Focusing too much on sales volume and company size rather than profit.
Mistake 13: Seeking confirmation of your actions rather than seeking the truth.
Mistake 14: Lacking simplicity in your vision.
Mistake 15: Lacking clarity of your long-term aim and business purpose.
Mistake 16: Lacking focus and identity.
Mistake 17: Lacking an exit strategy.