Ten Deadly Mistakes of Entrepreneurship

1. Management mistakes
2. Lack of experience
3. Poor financial control
4. Weak marketing efforts
5. Failure to develop a strategic plan
6. Uncontrolled growth
7. Poor location
8. Improper inventory control
9. Incorrect pricing
10. Inability to make the “entrepreneurial transition”

Putting Failure into Perspective

• Entrepreneurs are not paralyzed by the prospect of failure.
• Failure – a natural part of the creative process.  
• Successful entrepreneurs learn to fail intelligently.

Avoiding the Pitfalls of Small Business Failure

• Know your business in depth
• Develop a solid business plan
• Manage financial resources
• Understand financial statements
• Learn to manage people effectively
• Keep in tune with yourself