Entrepreneur - Intrapreneur Mistakes

Here’s a recent Entrepreneur Magazine article by By Mark Henricks called, What Not to Do: A seasoned entrepreneur reveals the 17 most common mistakes startups make and how to avoid them--plus, the 5 things you must do to ensure success. (Thanks to Todd over at A Penny for... for the link)

It’s an interesting article.

I think many of the points also apply to intrapreneurs and leaders involved in major change initiatives.

Here are the bullets, but check out the article for yourself.

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.

Here’s his five suggestions. Again, read the article to get the full flavor and explanation.

1. Know your goals for the venture.
2. Recruit and hire the best people.
3. Develop a forgiving strategy.
4. Be honest with yourself.
5. Commit to the business.